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Contact: Joyce Ezaki
818/409-3280
AMERICAN REALTY ADVISORS ACQUIRES
GREAT AMERICAN TOWER IN PHOENIX, ARIZONA
GLENDALE, Calif. - June 26, 2007 - American Realty Advisors announced
today the acquisition of Great American Tower, a 24-story, 338,411
square foot Class A office property located in the north central
submarket of Phoenix, Arizona. The property also has an interest
in a five-and-a-half level detached parking garage providing 1,138
parking spaces, as well as a 50% ownership interest in the joint-venture
that owns an adjacent 1.6-acre commercially zoned parcel of land.
Amenities in the main office property include a retail shop, a full-service
bank branch with 24-hour ATM access, and a large shared-use conference
room. The property is in close proximity to downtown Phoenix, Sky
Harbor International Airport, and the local Light Rail Transit System,
which when completed in December 2008, will connect the cities of
Phoenix, Tempe and Mesa. The tenant roster includes General Electric
Company, Genworth Financial, Catholic Healthcare West, and the GSA.
The property was acquired through a joint-venture with 3200 North
Central Associates, LLC, an affiliate of Alliance Commercial Partners,
LLC. The transaction was completed on behalf of one of American's
commingled funds.
Stanley Iezman, President and CEO, stated, "Great American
Tower provided American the opportunity to purchase a Class A office
asset in Phoenix with excellent value opportunities. In-place rents
are approximately 25 percent below market and 75 percent of the
building's net rentable area will become available over the next
three years in a marketplace with less than 10 percent vacancy and
little to no new supply allowing us significant opportunity to increase
NOI over the next several years. We are pleased to partner with
Alliance Commercial Partners, a strong operator with a successful
track record in the Phoenix metro, in the acquisition of Great American
Tower, which is expected to generate an outstanding investment return
for our clients."
American Realty Advisors, a California corporation, is an SEC-registered
investment advisor under the Investment Advisers Act of 1940 and
a leading provider of real estate investment management services
to institutional investors. With more than $4.3 billion* in assets
under management, American has provided innovative real estate solutions
to institutional investors for over 19 years utilizing core and
value-added commingled funds and separate accounts. The firm's portfolios
include office, industrial, multi-family, and retail properties
nationwide. Information regarding American can be found online at
www.americanreal.com.
* Estimated as of March 31, 2007, representing gross value of
all assets and accounts managed by American (excluding partners'
share of equity and partners' share of debt on partnership investments)
plus approximately $575 million in undrawn commitments.
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