VANCOUVER, British Columbia, Nov. 07, 2022 (GLOBE NEWSWIRE) -- AIP Realty Trust (the “Trust” or “AIP”) (TSXV: AIP.U) today announced that its exclusive development and property management partner, Dallas-based AllTrades Industrial Properties, Inc. (“AllTrades”), has received the Excellence in Wood Design award from the Texas Forestry Association (“TFA”) at the annual conference held last month.
The TFA promotes the understanding and acceptance of forest conservation practices throughout the state, serving the broad needs of landowners, producers, and consumers. The Excellence in Wood Design Award was first presented in 1967 and celebrates projects whose design, engineering and construction showcase wood’s aesthetic beauty and strength.
“AllTrades being recognized by the TFA demonstrates its continual innovation in design, modern aesthetics and the commitment to sustainability in its AllTrades-branded facilities,” said Les Wulf, Executive Chairman, AIP Realty Trust. “Sustainability is central to the values of both AllTrades and AIP, and it is increasingly important to our tenants in selecting a location. In addition to helping attract tenants, sustainable building design lowers lifetime operating costs and shortens development timelines through reduced use of resources. This is an advantage we can offer in the newly-built AllTrades facilities that is rarely available at older industrial properties.”
AllTrades is committed to sustainable design standards and construction practices. Most notably in the context of the TFA award, AllTrades’ predominantly wood structures use cross-laminated timber (“CLT”) that is fabricated from southern yellow pine which has contributed to carbon sequestration for its 40-year life cycle, is then harvested and used in wood construction and is expected to last 150 years. CLT offers advantages over alternative construction materials in terms of structural integrity, resilience, weight, acoustic and thermal insulation, fire-resistance and aesthetics. AllTrades also eliminates significant construction material waste through the prefabrication of a large portion of building interiors and exteriors.
AllTrades facilities target the trades and services sectors and small businesses which are often underserved and relegated to older buildings with outdated amenities. The facilities offer turnkey modern, appealing spaces that can be readily adapted to multiple uses. The facilities are intended to address the underserved needs for new generation, high-quality light industrial flex space by the large, diverse, and growing market of trades, services, and small businesses in the US seeking locations close to their customer base, following the growing trend of last mile service.
AllTrades is developing light industrial flex properties in the Dallas-Fort Worth (“DFW”) area. As previously announced, AIP has entered into forward purchase agreements to acquire a total of 12 facilities totaling over 840,000 square feet of leasable space, expected to be completed in 2022 and 2023. In addition, AllTrades is actively planning the next tranche of facilities in DFW, Austin, and Houston, TX. AllTrades plans to build all of its facilities in accordance with the sustainable standards described above.
About AIP Realty Trust
AIP Realty Trust is a real estate investment trust with a growing portfolio of light industrial flex facilities focused on small businesses and the trades and services sectors in the U.S. These properties appeal to a diverse range of small space users, such as contractors, skilled trades, suppliers, repair services, last-mile providers, small businesses and assembly and distribution firms. They typically offer attractive fundamentals including low tenant turnover, stable cash flow and low capex intensity, as well as significant growth opportunities. With an initial focus on the Dallas-Fort Worth market, AIP plans to roll out this innovative property offering nationally. AIP holds the exclusive rights to finance the development of and to purchase all the completed and leased properties built across North America by its development and property management partner, AllTrades Industrial Properties, Inc. For more information, please visit www.aiprealtytrust.com.
For further information from the Trust, contact:
Leslie Wulf
Executive Chairman
(214) 679-5263
les.wulf@aiprealtytrust.com
Or
Greg Vorwaller
Chief Executive Officer
(778) 918-8262
Greg.vorwaller@aiprealtytrust.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release is not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Trust has not registered and will not register the securities under the U.S. Securities Act. The Trust does not intend to engage in a public offering of their securities in the United States.
Source: AIP Realty Trust
