Business & Finance
Business and Finance
Business and Finance
Wed, July 20, 2011
Tue, July 19, 2011 STAG Industrial, Inc. Announces the Acquisition of Two Industrial Properties for $17.9 Million and Closes a $65 Million Acquisi
BOSTON--([ BUSINESS WIRE ])--STAG Industrial, Inc. (NYSE:STAG) today announced the acquisition of two properties for $17.9 million, which includes a 101,500 square foot manufacturing and distribution facility located in Fort Worth, Texas and a 420,690 square foot warehouse and distribution facility located in Gresham, Oregon. Additionally, the Company announced the closing of a $65 million acquisition mortgage facility.
The building in Texas is situated on 5.95 acres of land at 1801 Riverbend West Drive in Fort Worth, Texas. The building was constructed in 1997 and renovated in 1999. This manufacturing and distribution facility is 100% leased to Ecolab, Inc. (NYSE: ECO) with approximately seven years of remaining term. Ecolab engages in the development, manufacture, sale and service of products that clean, sanitize and promote food safety and infection prevention.
The building in Oregon is situated on 15.5 acres of land at 18285 NE Halsey in Gresham, Oregon. The building was constructed in phases starting in 1960 and renovated in 2006. This warehouse and distribution facility is 52% leased to Unisource Worldwide and 48% leased to Benson Industries, LLC, with approximately four years of average remaining term in the three leases for the two tenants.
Unisource Worldwide is a leading distributor of paper products and other supplies, providing commercial printing and business imaging paper and specialty paper products in North America. Benson Industries is a global company whose business is the design, engineering, supply and installation of curtain wall and external cladding.
STAG closed a $65 million acquisition mortgage facility with Connecticut General Life Insurance Company (aCIGNAa). This is the third acquisition mortgage loan that the Company has closed with CIGNA since July 2010. The facility will be used to fund future acquisitions by the Company.
About STAG Industrial, Inc.
STAG Industrial,Inc. is a newly formed, self-administered and self-managed full-service real estate company focused on the acquisition, ownership and management of single-tenant industrial properties throughout the United States. STAGa™s portfolio consists of 94 properties in 26 states with approximately 14.6million rentable square feet.
For additional information, please visit the Companya™s website at [ www.stagindustrial.com ].
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," awill,a "expect," "intend," "anticipate," "estimate," ashould,a "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Companya™s final prospectus related to its initial public offering, as updated by the Companya™s annual and quarterly reports.Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Companya™s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
