Keystone Property Trust Announces Acquisition in Harrisburg, PA, and the Closing of $25 Million Senior Secured Term Credit Facil
November 03 2003 - 3:44PM
PR Newswire (US)
Keystone Property Trust Announces Acquisition in Harrisburg, PA,
and the Closing of $25 Million Senior Secured Term Credit Facility
WEST CONSHOHOCKEN, Pa., Nov. 3 /PRNewswire-FirstCall/ -- Keystone
Property Trust announced today that it acquired a
677,548-square-foot distribution center in Harrisburg,
Pennsylvania, for approximately $21.5 million. A. Donald Chase,
Jr., Senior Vice President of Keystone, commenting on the
transaction stated, "3500 Industrial Road is a 25-32 foot clear,
98% occupied building, with quality tenants like Super Valu Inc.,
Exel Inc., and PJAX, Inc. This distribution center is strategically
located adjacent to Interstate 81 and Route 22 just north of
downtown Harrisburg and abutting the Norfolk Southern Intermodal
Yard, and offers tenants a variety of space configurations combined
with low operating costs. With this acquisition, Keystone owns over
10.5 million square feet of bulk distribution assets in
Pennsylvania." The Company also announced today that it closed a
$25 million Senior Secured Term Facility with the Royal Bank of
Canada and RBC Capital Markets, as lead arranger. The loan has a
one-year term with a variable interest rate and is priced at 1.875%
over LIBOR. The proceeds of this financing were utilized to acquire
3500 Industrial Road as well as to fund the Company's investment in
certain joint venture acquisitions. Keystone Property Trust, with
headquarters in West Conshohocken, Pennsylvania, is a fully
integrated real estate investment trust with a current portfolio of
127 properties, including properties under development, aggregating
31 million square feet in the Eastern half of the United States.
For more information, contact Aleathia M. Hoster at (212) 527-9900,
send email to or visit the Company website at
http://www.keystoneproperty.com/. This press release may contain
statements which constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding the intent, belief or current
expectations of the Company, its trustees, or its officers with
respect to the future operating performance of the Company and the
result and the effect of legal proceedings. Investors are cautioned
that any such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, and that
actual results may differ materially from those in the
forward-looking statements as a result of various factors.
Important factors that could cause such differences are described
in the Company's periodic filings with the Securities and Exchange
Commission, including the Company's Form 10-K and quarterly reports
on Form 10-Q. CONTACT: Aleathia M. Hoster of Keystone Property
Trust, (Phone: 212-527-9900) MEDIA CONTACT: Michael Beckerman
(Phone: 908-781-6420, send email to ) DATASOURCE: Keystone Property
Trust CONTACT: Aleathia M. Hoster, Keystone Property Trust,
+1-212-527-9900, or MEDIA: Michael Beckerman, +1-908-781-6420,
email, , for Keystone Property Trust Web site:
http://www.keystoneproperty.com/
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