AIP Realty Trust Announces Completion of Mesquite Property by Development Partner AllTrades
Newly Completed Mesquite Property
VANCOUVER, British Columbia, Aug. 09, 2022 (GLOBE NEWSWIRE) -- AIP Realty Trust (the “Trust” or “AIP Realty”) (TSXV:AIP.U) today announced that its exclusive development and property management partner, Dallas-based AllTrades Industrial Properties, Inc. (“AllTrades”), has completed construction, ready for occupancy by tenants, of a new facility located in Mesquite, TX (the “Mesquite Property”).
As announced on May 24, 2022, AIP Realty has entered into membership purchase agreements (the “Agreements”) with AllTrades Five Properties, LLC (“AT5P”) providing the Trust with the exclusive option to acquire up to five light industrial flex properties in final stages of development in the Dallas-Fort Worth (“DFW”) area of Texas, including the Mesquite property. The Trust’s governance committee will begin the process of evaluating whether to exercise the option based on its review of the audited financial statements and the appraisal of the Mesquite Property. The Trust will only move forward with the acquisition of the Mesquite Property if the Trust’s governance committee and independent trustees make a favorable recommendation, and the Trust has secured the funds necessary to do so.
The Mesquite Property is comprised of 49,713 rentable square feet across 12 WorkSpace Shops™, 10 WorkSpace Studios™ and 32 WorkSpace Secured Parking™ spaces. As a result of AllTrades’ pre-leasing during construction, the light industrial flex property is 96% leased at the completion of construction.
“We are excited to see the completion of the first of five high quality light industrial flex properties scheduled to be all delivered over the next six months,” said Les Wulf, Executive Chairman, AIP Realty Trust. “The pre-leasing activity at Mesquite underscores the strong appeal and demand for the unique AllTrades-branded offering tailored to meet the overlooked needs of small business, trades and services companies. The pre-leasing on the remaining facilities is tracking similar to the outcome on Mesquite.”
The Agreements reached with AT5P include the following five DFW-area properties, representing the Trust’s near-term pipeline of acquisition opportunities. Additional details are available in the news release issued by the Trust on May 24, 2022. AllTrades continues its development expansion as it undertakes a national rollout, creating a solid pipeline of potential future additional acquisitions for the Trust.
|Location||Rentable Square Feet||WorkSpace Shops™||WorkSpace Studios™||WorkSpace Secured Parking™ spaces|
Newly Completed Mesquite Property
About AIP Realty Trust
AIP Realty Trust is a real estate investment trust with a growing portfolio of light industrial flex facilities focused on small businesses and the trades and services sectors in the U.S. These properties appeal to a diverse range of small space users, such as contractors, skilled trades, suppliers, repair services, last-mile providers, small businesses and assembly and distribution firms. They typically offer attractive fundamentals including low tenant turnover, stable cash flow and low capex intensity, as well as significant growth opportunities. With an initial focus on the Dallas-Fort Worth market, AIP plans to roll out this innovative property offering nationally. AIP holds the exclusive rights to finance the development of and to purchase all the completed and leased properties built across North America by its development and property management partner, AllTrades Industrial Properties, Inc. For more information, please visit www.aiprealtytrust.com.
For further information from the Trust, contact:
Chief Executive Officer
Cautionary Statement on Forward-Looking Information
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of AIP Realty Trust with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding, future acquisitions by the Trust, the ability to obtain regulatory and unitholder approvals and other factors. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target", “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to proposed financing activity, proposed acquisitions, regulatory or government requirements or approvals, the reliability of third-party information and other factors or information. Such statements represent the Trust’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Trust, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Trust does not intend, and do not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release is not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Trust has not registered and will not register the securities under the U.S. Securities Act. The Trust does not intend to engage in a public offering of their securities in the United States.
Source: AIP Realty Trust
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b7cc5e7-f339-4a6d-a819-c13b361ac231