AIP Realty Trust Announces Completion of Mesquite Property by Development Partner AllTrades

VANCOUVER, British Columbia, Aug. 09, 2022 (GLOBE NEWSWIRE) -- AIP Realty Trust (the “Trust” or “AIP Realty”) (TSXV:AIP.U) today announced that its exclusive development and property management partner, Dallas-based AllTrades Industrial Properties, Inc. (“AllTrades”), has completed construction, ready for occupancy by tenants, of a new facility located in Mesquite, TX (the “Mesquite Property”).

As announced on May 24, 2022, AIP Realty has entered into membership purchase agreements (the “Agreements”) with AllTrades Five Properties, LLC (“AT5P”) providing the Trust with the exclusive option to acquire up to five light industrial flex properties in final stages of development in the Dallas-Fort Worth (“DFW”) area of Texas, including the Mesquite property. The Trust’s governance committee will begin the process of evaluating whether to exercise the option based on its review of the audited financial statements and the appraisal of the Mesquite Property. The Trust will only move forward with the acquisition of the Mesquite Property if the Trust’s governance committee and independent trustees make a favorable recommendation, and the Trust has secured the funds necessary to do so.

The Mesquite Property is comprised of 49,713 rentable square feet across 12 WorkSpace Shops, 10 WorkSpace Studios and 32 WorkSpace Secured Parking spaces. As a result of AllTrades’ pre-leasing during construction, the light industrial flex property is 96% leased at the completion of construction.

“We are excited to see the completion of the first of five high quality light industrial flex properties scheduled to be all delivered over the next six months,” said Les Wulf, Executive Chairman, AIP Realty Trust. “The pre-leasing activity at Mesquite underscores the strong appeal and demand for the unique AllTrades-branded offering tailored to meet the overlooked needs of small business, trades and services companies. The pre-leasing on the remaining facilities is tracking similar to the outcome on Mesquite.”

The Agreements reached with AT5P include the following five DFW-area properties, representing the Trust’s near-term pipeline of acquisition opportunities. Additional details are available in the news release issued by the Trust on May 24, 2022. AllTrades continues its development expansion as it undertakes a national rollout, creating a solid pipeline of potential future additional acquisitions for the Trust.