Saul Centers Acquires a Property and Sells Another Property
BETHESDA, Md., Dec. 10, 2012
BETHESDA, Md., Dec. 10, 2012 /PRNewswire/ --Saul Centers, Inc. (NYSE: BFS)
announced the purchase on December 6, 2012, of approximately 53,000 square
feet of retail space located on the east side of Rockville Pike (Route 355),
near the Twinbrook Metro Station in Montgomery County, Maryland, for $23.0
million, including acquisition costs. The property, which is 91% leased to
multiple tenants, is zoned for up to 700,000 square feet of rentable mixed use
space. The Company does not anticipate redeveloping the property in the
foreseeable future. The acquisition was funded with borrowings under the
revolving credit facility.
Also on December 6, 2012, the Company sold for $3.9 million (net of closing
costs) the 55,000 square foot Belvedere Gardens shopping center, located in
Baltimore, Maryland. The center was 34% leased and there was no debt
associated with the property. The Company expects to report a gain on sale of
approximately $3.5 million during the fourth quarter of 2012.
Saul Centers is a self-managed, self-administered equity real estate
investment trust headquartered in Bethesda, Maryland. Saul Centers currently
operates and manages a real estate portfolio of 57 operating community and
neighborhood shopping center and office/mixed-use properties totaling
approximately 9.5 million square feet of leasable area. Over 85% of the
Company's cash flow is generated from properties in the metropolitan
Washington, DC/Baltimore area.
More information about Saul Centers is available on the Company's website at
SOURCE Saul Centers, Inc.
Contact: Scott V. Schneider, +1-301-986-6220
Press spacebar to pause and continue. Press esc to stop.