Investors Real Estate Trust Announces Sale of Several Office Showroom Properties

MINOT, N.D., March 27, 2015 /PRNewswire/ -- Investors Real Estate Trust (NYSE:IRET) (NYSE:IRET PR) (NYSE:IRET PRB) announced today that it closed on the sale of four office showroom properties in the Twin Cities for $26,600,000.  They are Plymouth Tech I-V in Plymouth, 205,494 sf; Whitewater Plaza in Minnetonka, 61,138 sf; Southeast Tech Center in Eagan, 58,300 sf and Burnsville Bluffs II in Burnsville, 45,019 sf.  CBRE transacted the sale on behalf of IRET. 

Separately in the past month, IRET sold Northgate II, a 26,000 sf office showroom building in Maple Grove for $2,725,000 and a 14,820 sf Walgreens store in Weston, WI for $5,335,000. 

"These sales advance IRET's portfolio transformation plan to narrow our focus to multifamily, healthcare, and bulk industrial properties," said Matt Volpano, Vice President – Investments. "Our growth in those segments continues as well.  Along with new developments underway, earlier this month IRET acquired the 119-unit Legacy Heights Apartments property in Bismarck, North Dakota for $15,000,000."

Investors Real Estate Trust continues to execute on its previously announced plan to sell off substantially all of its commercial office and retail property portfolios.

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, healthcare, and commercial 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.

Safe Harbor

Statements about IRET's future expectations and all other statements in this press release other than historical facts, including statements regarding the potential sale of the Company's commercial office and retail properties and expected benefits from this update of the Company's strategic plan, are subject to various risks and uncertainties, and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/investors-real-estate-trust-announces-sale-of-several-office-showroom-properties-300057004.html

SOURCE Investors Real Estate Trust