Kent Financial Services Announces Subsidiary's Acquisition of Commercial Office Building in Dallas
March 28 2011 - 4:17PM
Marketwired
KENT FINANCIAL SERVICES, INC. ("Kent") (NASDAQ: KENT) -- On March
22, 2011, Kent's majority owned subsidiary, Kent International
Holdings, Inc. ("Kent International") acquired, through a
subsidiary, the land and improvements located at 4211 Cedar Springs
Road (the "Property") in Dallas, Texas. The Property was purchased
for $4,325,000 in cash, exclusive of closing costs, from a private
seller. The property is a 39,829 square foot office building that
is 100% leased to the General Services Administration (GSA).
Commencing with this purchase, Kent International intends to
operate as a full service real estate corporation that owns and/or
operates a variety of properties. Kent International will seek to
acquire additional properties, primarily in the Dallas/Fort Worth
area; however, the search will not be limited to that market.
Kent International's primary strategy shall be to acquire
properties that offer the potential for attractive yields and the
opportunity for possible capital appreciation. Kent International
may buy these properties directly, through joint ventures, or as
general partner in limited partnerships utilizing funds raised from
accredited investors. Kent International is currently engaged in
discussions to enter into a joint venture to purchase a
multi-family complex in the DFW area wherein they would obtain the
majority of the general partnership interest as well as a majority
of the limited partnership units. Management cannot be certain that
these discussions will result in a formal agreement.
Kent International will continue to evaluate other opportunities
which would enable it to acquire the controlling interest in a
small operating business with growth prospects.
This release contains forward-looking statements which may
involve known and unknown risks, uncertainties and other factors
that may cause the Company's actual results and performance in
future periods to be materially different from any future results
or performance suggested by these statements. Kent Financial
Services cautions investors not to place undue reliance on
forward-looking statements, which speak only to management's
expectations on this date.
Direct Inquiries To: Paul O. Koether Chairman (682) 738-8112
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