DALLAS, Jan. 17, 2001 (PRIMEZONE) -- Income Opportunity Realty Investors, Inc. (AMEX:IOT) Wednesday announced the year-end purchase of a prime 202-acre tract in northern Dallas County known as the Travelers land, increasing the value of the real estate investment trust's properties held for investment by 38.8 percent. The tract is adjacent to Mercer Crossing, a 648-acre business park slated for further luxury office building and hotel development that primarily lies north of Interstate 635 and west of I-35E at the intersection of Luna Road and Valley View Lane.
Located near the Dallas-Fort Worth International Airport, Mercer Crossing currently consists of two four-story office buildings completed in 1999 and 2000; One Hickory Centre and Two Hickory Centre. Both are owned by American Realty Investors, Inc. (NYSE:ARL) and plans are in process for construction of Three Hickory Centre, a nine-story office building. Mercer Crossing also includes 10.4 acres along the east service road of I-35E facing the main body of the development.
Purchased by IORI for $23.89 million from Hickory Funding LLC, the 202-acre parcel was the last undeveloped section in Mercer Crossing not owned by IORI or its affiliates and represents 28 percent of the REIT's total assets. The company also holds equity interests in 15 other properties, including seven office buildings and eight apartments, and has equity interests through partnerships with its affiliates.
"This important investment establishes Income Opportunity's stake in Mercer Crossing and diversifies the company's assets, while increasing the total Mercer Crossing land holdings to 850 acres owned and partially developed by the affiliated companies. This stake allows IORI to move a step forward toward a development plan that management believes will build greater shareholder value in the years to come," said Karl L. Blaha, president of IORI.
Income Opportunity Realty Investors, Inc. is a Dallas-based real estate investment trust that primarily invests in equity interests in real estate through direct ownership and partnerships. For more information on the company, go to the Web site at www.incomeopp-realty.com.