Business Wire, San Diego, CA, Sep 05, 2012 – The American Recovery Property Trust (“ARPT”), a newly formed company that intends to qualify as a REIT, announced today its first real estate acquisition – Western Place I & II, a 425,000 square-foot, two-building office complex located in Fort Worth, Texas. The real estate transaction closed on June 15, 2012 at a purchase price of $34,000,000.
The two ten-story buildings that comprise Western Place are the home to reputable tenants such as Lockheed Martin, BAE Information Systems, APEX Capital Corporation and Computer Science Corporation.
“We are very excited to have closed on our first real estate acquisition,” says Todd A. Mikles, president and CEO of American Recovery Property Trust. “ARPT has gone from the drawing board to reality.” Mr. Mikles notes that, “ARPT was created to help property owners (including tenants-in-common) restructure their real estate and preserve their tax status, while combining their remaining equity in a diversified REIT.”