City Office REIT To Acquire Lake Vista Pointe In Dallas, Texas - Quick Facts

(RTTNews) - City Office REIT, Inc. (CIO) announced that it entered into an Agreement of Purchase and Sale to acquire Lake Vista Pointe in Dallas, Texas for a purchase price of $28.4 million.

Commenting on Lake Vista Pointe, City Office said it is a 163,000 square foot office property in the growing Lewisville, Texas submarket. The property was initially constructed to operate as a multi-tenant building in 2007 and subsequently became fully leased to Ally Financial, Inc. through 2021.

The company said the Lake Vista Pointe acquisition is anticipated to generate an initial full-year cash net operating income yield of about 7.8% based on the purchase price with contractual annual rent escalations. The major conditions to the acquisition have been satisfied and the transaction is anticipated to close in July 2014.