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News and Information Article
DALLAS, March 2 // -- Behringer Harvard Opportunity REIT I, Inc.
announced today its acquisition of 12600 Whitewater Drive, a Class A office
building located in the Minneapolis suburb of Minnetonka. This dynamic
submarket, 15 miles southwest of the central business district, is home to
prominent corporate offices and some of the areas fastest-growing residential
communities.
"Were pleased that the Funds first purchase is in a desirable and
rapidly growing portion of the Twin Cities at a price significantly below
replacement cost," said Robert M. Behringer, chairman and CEO of Behringer
Harvard. "This value-added asset provides both cash flow and capital
appreciation opportunities with no scheduled tenant lease expirations over the
next three years."
The 6.14-acre site in the Minnetonka Corporate Center features a two-story
building providing 70,705 square feet of rentable space as well as 12 below-
grade executive parking spaces and surface parking for 257 vehicles. Built in
1997, the building underwent renovations to the main lobby and common areas in
2003 to accommodate its current multi-tenant usage.
The building is 95 percent leased to three major tenants, including
Associated Financial Group, a multi-line insurance agency; KMG America
Corporation, a provider of insurance products; and Vanco Services, a supplier
of payment technology solutions. CB Richard Ellis will perform on-site
management services for the property.
Conveniently located at the northeast corner of Interstate 494 and Highway
62, the site is only 15 minutes from the Minneapolis-St. Paul International
Airport. The property also provides convenient access to the western suburbs
of Minneapolis and executive housing surrounding Lake Minnetonka.
This acquisition represents the fifth Twin Cities property acquired by a
Behringer Harvard investment program. Behringer Harvard REIT I, Inc. owns
three properties in the Twin Cities, including: One Financial Plaza, located
at 120 South Sixth Street in downtown Minneapolis; Minnesota Center at 7760
France Avenue South in Bloomington; and Lawson Commons at 380 St. Peter Street
in St. Pauls central business district. Behringer Harvard Mid-Term Value
Enhancement Fund I LP owns an office property at 601 Second Avenue South in
Hopkins.
About Behringer Harvard:
Behringer Harvard is an investment company that offers a diverse selection
of real estate funds reflecting core, value-added and opportunistic investment
strategies. Its publicly registered non-traded REITs and limited partnerships
provide strategic opportunities for sellers of institutional-quality real
estate as well as individual investors seeking to diversify their portfolios.
The companys finite-life programs, offered through the independent broker
dealer community, generally feature a total return focus and the financial
transparency of public securities. For more information, call toll-free
866.655.3600 or visit behringerharvard.com.
This release contains forward-looking statements relating to the business
and financial outlook of Behringer Harvard Opportunity REIT I, Inc. that are
based on our current expectations, estimates, forecasts and projections and
are not guarantees of future performance. Actual results may differ materially
from those expressed in these forward-looking statements, and you should not
place undue reliance on any such statements. A number of important factors
could cause actual results to differ materially from the forward-looking
statements contained in this release. Such factors include those described in
the Risk Factors sections of the offering documents for the offering of equity
of Behringer Harvard Opportunity REIT I, Inc. Forward-looking statements in
this document speak only as of the date on which such statements were made and
we undertake no obligation to update any such statements that may become
untrue because of subsequent events. We claim the safe harbor protection for
forward-looking statements contained in the Private Securities Litigation
Reform Act of 1995.
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