NEWPORT BEACH, Calif.--(BUSINESS WIRE)--O’Donnell Strategic Industrial REIT (“O’Donnell” or the “Company”) has announced that it has acquired its first property, a 12,160 square foot build-to-suit industrial facility in Tampa, Florida for a purchase price of $1,684,067. The property is 100% net-leased to Flowers Baking Co. of Bradenton, LLC, a wholly owned subsidiary of Flowers Foods, Inc. (NYSE: FLO). Flowers Foods, headquartered in Thomasville, GA, is a leading producer and marketer of packaged bakery foods.
Douglas O’Donnell, Chief Executive Officer of O’Donnell Strategic Industrial REIT, stated, “We are thrilled to move forward with the purchase of our first property. The combination of strategic location, long-term triple-net lease and high quality tenant makes this an ideal first acquisition for our company. The property is consistent with our strategy of acquiring high quality, well located industrial real estate throughout the United States.”
In addition to the acquisition, O’Donnell previously declared that its board of directors had authorized a daily distribution to stockholders of record as of the close of business on each day of the period commencing on the closing date of the Company's first property acquisition and ending on February 28, 2013. The distributions will be calculated based on 366 days in the calendar year for any period in 2012 and 365 days in the calendar year for any period in 2013, and will be equal to $0.001775956 and $0.001780821, respectively, per share of common stock per day, which is equal to an annualized distribution rate of 6.5%, assuming a purchase price of $10.00 per share. The distributions will be paid on a monthly basis in arrears out of funds legally available.
O’Donnell intends to acquire income-producing industrial warehouse real estate assets located throughout the United States that are leased to creditworthy tenants. In addition, the Company is focused on acquiring environmentally-friendly or “green” properties that are certified under the Leadership in Energy and Environmental Design (LEED) Green Building Rating System, and intends to work towards LEED certification for any properties that are not LEED certified at the time they are acquired.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although the company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The Company undertakes no obligation to update any forward-looking statement contained herein to confirm the statement to actual results or changes in the company's expectations.