Investors Real Estate Trust Announces the Sale of an Additional $40 Million in Commercial Office Properties

Aug 19, 2015, 07:30 ET from Investors Real Estate Trust

MINOT, N.D., Aug. 19, 2015 /PRNewswire/ -- Investors Real Estate Trust (NYSE: IRET) (NYSE: IRET PR) (NYSE: IRET PRB) ("IRET" or the "Company") is pleased to announce that it has closed on the sale of an additional $40 million in office sales on August 12, 2015. The commercial office properties, located in the Twin Cities metro area, include the Mendota Office Center I-IV, as well as the American Corporate Center, totaling 420,216 square feet.  The properties were sold to MSP SLP Apartments, LLC.    

Separately, IRET celebrated the grand opening of its new 57,000 square foot medical office building, 6565 France Avenue at Southdale Medical Center in Edina, MN. Local officials, including Edina Mayor James Hovland, joined IRET representatives, development partners, and tenants of Southdale Medical Center to commemorate the new building, which was developed to meet the growing demand for medical office space in the surrounding community. Charles A. Greenberg, IRET's senior vice president of asset management commented, "The conclusion of this final phase of the Southdale Medical Center campus finishes work at one of the crown jewels of our entire portfolio. Our strategic plan for this property was to solidify its reputation as one of the finest medical office facilities in the region and this expansion accomplishes exactly that. We are immensely proud of everyone on our team who contributed to this goal."

About Investors Real Estate Trust

Investors Real Estate Trust is a self-advised equity real estate investment trust. Its business consists of owning and operating income-producing multifamily residential and healthcare properties located primarily in the upper Midwest states of Minnesota and North Dakota. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis and St. Cloud, Minnesota.

CONTACT:   

Cindy Bradehoft

Director of Investor Relations

10050 Crosstown Circle, Suite 105

Eden Prairie, MN 55344

Phone: 952.401.4835

E-Mail: cbradehoft@iret.com

Logo - http://photos.prnewswire.com/prnh/20150518/216953LOGO

 

SOURCE Investors Real Estate Trust