American Assets Trust, Inc. Acquires Bel-Spring 520 Office Campus in Bellevue, Washington
09 March 2022 - 8:15AM
American Assets Trust, Inc. (NYSE: AAT) (the “Company”) has
successfully closed on the acquisition of Bel-Spring 520,
consisting of an approximately 93,000 square foot, multi-tenant
office campus located on over 5 acres just off the interstate 405
and 520 freeway interchange, less than 5 minutes away from downtown
Bellevue, Washington.
Bel-Spring 520 is currently approximately 69%
leased to a diversified tenant base with contractual lease rates
that the Company views as below prevailing market rates for the
submarket.
The two-building property features a
campus-setting in a natural landscape with immediate highway access
and a diverse rent roll of professional service, technology and
financial service companies. The property is well amenitized with a
food market, showers and lockers, conference center, bike storage
and renovated atrium lobbies, with an opportunity to make
additional improvements comparable or superior to competing office
projects, and is walking distance to the future Spring District
Light Rail Station.
The purchase price of approximately $45.5
million was paid with cash on hand.
About American Assets Trust,
Inc.
American Assets Trust, Inc. is a full service,
vertically integrated and self-administered real estate investment
trust, or REIT, headquartered in San Diego, California. The Company
has over 50 years of experience in acquiring, improving,
developing and managing premier office, retail, and residential
properties throughout the United States in some of the
nation’s most dynamic, high-barrier-to-entry markets primarily
in Southern California, Northern California, Oregon,
Washington, Texas and Hawaii. The Company's office
portfolio comprises approximately 4 million rentable square feet,
and its retail portfolio comprises approximately 3.1 million
rentable square feet. In addition, the Company owns one mixed-use
property (including approximately 94,000 rentable square feet of
retail space and a 369-room all-suite hotel) and 2,112 multifamily
units. In 2011, the Company was formed to succeed to the real
estate business of American Assets, Inc., a privately held
corporation founded in 1967 and, as such, has significant
experience, long-standing relationships and extensive knowledge of
its core markets, submarkets and asset classes. For additional
information, please visit www.americanassetstrust.com.
Forward Looking Statements
This press release may contain forward-looking
statements within the meaning of the federal securities laws, which
are based on current expectations, forecasts and assumptions that
involve risks and uncertainties that could cause actual outcomes
and results to differ materially. Forward-looking statements relate
to expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as “may,” “will,” “should,” “expects,” “intends,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,” or
“potential” or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters.
While forward-looking statements reflect the Company's good faith
beliefs, assumptions and expectations, they are not guarantees of
future performance. Currently, one of the most significant risk
factors, is the potential adverse effect of the current COVID-19
pandemic on the financial condition, results of operations, cash
flows and performance of the Company, its tenants and guests, the
real estate market and the global economy and financial markets.
The extent to which COVID-19 impacts the Company, its tenants and
guests will depend on future developments, which are highly
uncertain and cannot be predicted with confidence, including the
scope, severity and duration of the pandemic, the actions taken to
contain the pandemic or mitigate its impact, and the direct and
indirect economic effects of the pandemic and containment measures,
among others. For a further discussion of these and other factors
that could cause the Company's future results to differ materially
from any forward-looking statements, see the section entitled “Risk
Factors” in the Company's most recent annual report on Form 10-K,
and other risks described in documents subsequently filed by the
Company from time to time with the Securities and Exchange
Commission. The Company disclaims any obligation to publicly update
or revise any forward-looking statement to reflect changes in
underlying assumptions or factors, of new information, data or
methods, future events or other changes.
Source: American Assets Trust,
Inc.
Investor and Media Contact:
American Assets Trust
Robert F. Barton Executive Vice President and
Chief Financial Officer 858-350-2607
American Assets (NYSE:AAT)
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