MINOT, N.D., May 14, 2013 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (NYSE:IRET) (NYSE:IRETPR) (NYSE:IRETPRB), announced today that its operating partnership, IRET Properties, closed on the sale of four commercial industrial properties from its portfolio on May 13, 2013. In accordance with the company's strategic plan, IRET is continuing to dispose of selected assets and reallocate sales proceeds to development projects and deleveraging its balance sheet.
Bodycote Industrial: a 41,880 sq. ft. industrial building located in Eden Prairie, MN was sold for $3.15 million.
Metal Improvement: a 49,620 sq. ft. industrial building located in New Brighton, MN was sold for $2.35 million.
Roseville 2929 Long Lake Road: a 172,057 sq. ft. industrial building located in Roseville, MN was sold for $9.275 million.
Fargo 1320 45th St: a 42,244 sq. ft. industrial building located in Fargo, ND was sold for $4.70 million.
All four properties were sold to the same buyer, for a total purchase price of $19.475 million.
About Investors Real Estate Trust
Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.
Safe Harbor
Statements about IRET's future expectations and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.