MINOT, N.D., Aug. 2, 2011 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (Nasdaq:IRET) (Nasdaq:IRETP) announces its corporate headquarters in Minot, North Dakota has relocated to 1400 31st Ave SW, Suite 60, PO Box 1988, Minot, ND 58702-1988.
This move follows the previously-announced lease by Hess Corporation of approximately 48,500 square feet in the former IRET headquarters building, IRET Corporate Plaza (now renamed "Plaza 16") at 3015 16th St SW, Minot, ND 58701.
IRET occupies approximately 22,600 square feet in its new corporate office building, with the remainder of the space occupied by Badlands Grill House & Saloon, and Space Aliens Grill & Bar. Both restaurants are owned and operated by Minot, ND based FMI.
Separately, IRET also announces its acquisition of Regency Park Apartments in St. Cloud, MN for $10.9 million. This residential property was built in 1994, is located on approximately 10.5 acres, and adds 147 units to the multi-family portfolio. The purchase price includes the assumption by IRET of existing debt on the property.
IRET has also completed the sale of its Livingston Pamida property in Livingston, MT. The sale price was $2.175 million, out of which IRET paid off the existing mortgage with American Equity in the amount of $1.183 million.
About Investors Real Estate Trust
Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.
Safe Harbor
Statements about IRET's future expectations and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.