TIER REIT Sells Hurstbourne Business Center
October 03 2016 - 4:35PM
Business Wire
TIER REIT, Inc. (NYSE: TIER), a Dallas-based real estate
investment trust, announced today that it has completed the sale of
Hurstbourne Business Center (Hurstbourne) for $41 million to a
third party. Hurstbourne is a 418,000 square foot mixed-use
development located in Louisville, Kentucky, and is comprised of
Hurstbourne Park and Hurstbourne Place, both office buildings, and
Hurstbourne Plaza, a retail center. The net proceeds from the sale
will be used to repay near-term expiring mortgage debt.
“The disposition of Hurstbourne is consistent with our plan to
sell properties located outside of our target growth markets,” said
Scott Fordham, Chief Executive Officer and President of TIER REIT.
“We continue to market other remaining properties in our Louisville
portfolio and expect to exit the market by the end of next
year.”
About TIER REIT, Inc.
TIER REIT, Inc. is a self-managed, Dallas-based real estate
investment trust focused on delivering outsized stockholder return
through stock price appreciation and dividend growth while offering
unparalleled tenant service. TIER REIT’s investment strategy is to
acquire, develop and operate a portfolio of best-in-class office
properties in select U.S. markets that consistently lead the nation
in both population and office-using employment growth. Within these
markets, we target TIER1 submarkets, which are primarily urban and
amenity-rich locations. For additional information regarding TIER
REIT, please visit www.tierreit.com or call 972.483.2400.
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version on businesswire.com: http://www.businesswire.com/news/home/20161003005961/en/
TIER REIT, Inc.Scott McLaughlin,
972-483-2465smclaughlin@tierreit.com
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