Asset Capital Corporation, Inc. Closes the Acquisition of Two Office Buildings
- Adds Two Properties to its Suburban Maryland Portfolio -
BETHESDA, Md., April 12 -- Asset Capital Corporation, Inc.
today announced that it has closed on the acquisition of two office
buildings that it previously announced were under contract.
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 46,858 square foot three-story
office building located in Lanham, Maryland for a purchase price of
approximately $6.5 million. Asset Capital assumed approximately $4.5
million of first mortgage debt. The property is currently 78% occupied. In
a related transaction, the Company completed the acquisition of a 43,785
square foot one-story office building located in Laurel, Maryland for a
purchase price of approximately $6.8 million. The Company assumed first
mortgage debt of approximately $4.2 million in connection with the
acquisition. The property is 100% leased for over four years to The Johns
Hopkins University.
About Asset Capital Corporation, Inc.
Asset Capital Corporation, Inc. is a self-managed fully-integrated real
estate company focused on opportunistically acquiring, 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 $195.8 million,
including thirteen commercial real estate properties, one developed 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.
