DALLAS, July 12, 1999 (PRIMEZONE) -- Transcontinental Realty Investors, Inc. (NYSE: TCI) Monday announced it has acquired two office buildings in separate transactions for a total of $9.6 million. The purchases increase the number of commercial properties TCI holds in the western United States to 17 out of a total of 32 held nationwide.
In the first transaction, Transcontinental purchased the 90,000-sq. ft. 4135 Beltline office building located within the Addison West Industrial Park in the North Dallas suburb of Addison. The one-story office building was purchased for $4.45 million at the end of June.
A second acquisition in early July added the 57,493-sq. ft. Chesapeake Center office building to Transcontinental's commercial portfolio. The company paid $5.19 million for the two-story San Diego property.
Commenting on the acquisitions, Transcontinental President Randall Paulson said, "TCI's experience in North Texas real estate drives us to be very opportunistic in this market where demand is high. We are equally opportunistic in Southern California, a market where development is somewhat stifled and there is a limited supply of quality properties in which to invest. In adding these buildings, we further diversify the commercial portfolio by evenly spreading holdings from what was a southeastern concentration across the southwest to the Pacific."
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment trust, owns a diverse real estate portfolio located throughout the United States, including apartments, office buildings, industrial warehouses, shopping centers, hotels and parcels of land.