Leben REIT announces acquisition of Horton Park - 9705 Horton Road SW - Calgary, Alberta



    CALGARY, Aug. 29 /CNW/ - Leben REIT is proud to announce the purchase of
their ninth property. Horton Park consists of three office buildings in
Calgary's southwest quadrant. The property is located in close proximity to
Macleod Trail and the Southland C-Train station. Horton Park was purchased for
$8,700,000 and it brings the market value of Leben REIT's assets to over
$90 Million.
    The property is currently 98% leased to a variety of tenants including
Southland Registrations, Victoria Order of Nurses and Lundgren & Young. The
average lease rate is 10.59 per square foot, which offers the opportunity for
tremendous upside as leases expire.

    
    PROPERTY DETAILS
    ----------------

    ------------------------------------
    Year Built                     1975
    ------------------------------------
    Net Rentable Area     54,624 sq. ft
    ------------------------------------
    Existing Income        $ 688,976.00
    ------------------------------------
    CAP Rate                      7.92%
    ------------------------------------


    CONSTRUCTION DETAILS
    --------------------
    Structure:   Constructed utilizing pre-cast concrete
    Exterior:    Curtain wall system that utilizes tinted insulated glazing
                 units
    Roof:        Flat roof construction with an asphalt based membrane
    HVAC:        Provided via rooftop units

    ----------------------------------------------------------
    Property              Square Footage    Purchase Cap Rate
    ----------------------------------------------------------
    Panorama Crossing         22,897               7.09%
    ----------------------------------------------------------
    Ship & Anchor             23,087               7.07%
    ----------------------------------------------------------
    Palisades Square          54,472               7.04%
    ----------------------------------------------------------
    441 5th Ave               54,846               6.47%
    ----------------------------------------------------------
    Fratello Building         44,491               7.60%
    ----------------------------------------------------------
    Corab I                   12,700               7.25%
    ----------------------------------------------------------
    Corab II                  46,500               8.54%
    ----------------------------------------------------------
    Westview Building         33,137               7.32%
    ----------------------------------------------------------
    Horton Park               54,624               7.92%
    ----------------------------------------------------------
    ----------------------------------------------------------
    Totals                   346,754
    ----------------------------------------------------------
    





For further information:

For further information: visit www.lebenreit.com

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LEBEN REIT

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