BETHESDA, MD --
- Completes the Acquisition of Two Properties in Virginia and One in Maryland -
Asset Capital Corporation, Inc. today announced that it has closed on two separate acquisitions that it previously announced. As part of the Company's long-term strategic plan to acquire assets in the greater metropolitan Washington, D.C. area and its surrounding areas in Maryland and Virginia, the Company added a 54,692 square foot one-story office building located in Lanham, Maryland for a purchase price of approximately $9.4 million. Asset Capital defeased approximately $5.2 million of first mortgage debt and placed new first mortgage debt of approximately $7.5 million to finance the transaction. The property is currently 100% occupied by three corporate tenants under leases having remaining terms ranging from 1.5 years to over 6 years.
In addition, the Company completed the acquisition of Pidgeon Hill II, consisting of two office buildings comprising a total of 95,137 rentable square foot located in Sterling, Virginia. Asset Capital acquired Pidgeon Hill II for a total purchase price of approximately $12.2 million, consisting of a combination of $3.3 million in cash, 105,113 shares of Asset Capital common stock, and the assumption of approximately $8.5 million of first mortgage debt. The two buildings are currently 77.7% leased to 34 tenants.
About Asset Capital Corporation, Inc.
Asset Capital Corporation, Inc. is a self-managed fully-integrated real estate company focused on opportunistically acquiring, developing, redeveloping, financing, managing and disposing of commercial real estate properties located primarily in the greater metropolitan Washington, D.C. marketplace and its surrounding areas. The Company invests primarily in commercial real estate properties that we believe have the potential for a significant increase in operating cash flow from the Company's hands-on management, leasing, engineering and capital improvement programs. The Company also originates, acquires and invests in various types of structured real estate investments. The Company focuses its investment activity in its target market, which consists of the geographic region including Washington, D.C., bounded by Baltimore, Maryland in the north, Richmond, Virginia in the southwest and the Hampton Roads, Virginia metropolitan statistical area in the southeast. From time to time, the Company may also invest opportunistically in certain strategic geographic locations outside its target market that generally share the economic and demographic profiles of its target market. The Company has investments totaling $182.5 million, including eleven commercial real estate properties, one land parcel, minority equity investments in two real estate joint ventures and one mezzanine loan.
Forward-Looking Statements
This press release contains forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 that relate to future events or performance. These statements relate to investments the Company's expects to make. These statements reflect the Company's current expectations and judgments, and the Company does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other Company statements will not be realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, changes in interest rates, conditions in the real estate industry, the state of the general economy and the local economies in which our properties and properties the Company expects to acquire are located.
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Source: Asset Capital Corporation, Inc.
CONTACT: Clay E. Carney, Chief Financial Officer of Asset Capital
Corporation, Inc., +1-301-656-2333
About This Release
If you have any questions regarding information in this press release, please contact the organization listed in the press release. Issuers of press releases and not TCI are solely responsible for the accuracy of the content.
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