VANCOUVER, Nov. 18, 2014 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO), announced today the closing of the previously announced acquisition of the Florida Research Park property in Orlando, Florida for a purchase price of $26.5 million. Florida Research Park is a 124,500 square foot office property in Orlando's Central Florida Research Park submarket. The property was constructed in 1999 and is fully leased through 2021.
The Florida Research Park acquisition is anticipated to generate an initial full-year cash net operating income yield of approximately 9.0% based on the purchase price with contractual annual rent escalations. The acquisition was financed with a $17.0 million mortgage that has been fixed at a 4.44% interest rate for 10 years.
About City Office REIT, Inc.
City Office REIT, Inc. is a real estate company focused on owning high-quality office properties in attractive markets primarily in the Southern and Western United States. City Office REIT currently owns or has an interest in 2.3 million square feet of office properties. Additional information about City Office REIT is available on the company's website at www.cityofficereit.com. The Company intends to elect to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.
This press release contains "forward looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements that are not statements of historical facts are, or may be deemed to be, forward looking statements. Forward looking statements reflect our current expectations concerning future results, objectives, plans and goals, and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause future results, performance or achievements to differ. These risks, uncertainties and other factors include factors described in our news releases and filings with the Securities and Exchange Commission. The Company does not have any obligation to publicly update any forward looking statements to reflect subsequent events or circumstances.
City Office REIT, Inc.
SOURCE City Office REIT, Inc.