Thomas Properties Group Announces Sale of 2.15 Acres at Campus El Segundo
LOS ANGELES — October 26, 2011 — Thomas Properties Group, Inc. (NASDAQ: TPGI) announced today that it has finalized the sale of a 2.15-acre hotel site at its Campus El Segundo property. The sales price for the hotel site was approximately $4.4 million, which represents approximately $48.00 per entitled square foot. Net proceeds to the company were approximately $4.2 million. The buyer, OTO Development, LLC, intends to begin construction immediately on a Hyatt Place hotel with approximately 143 rooms.
“We are pleased to complete this land sale, and believe the hotel will prove to be a valuable amenity for future developments at Campus El Segundo,” stated Jim Thomas, Chairman and CEO. “The remaining 24 acres at Campus El Segundo comprise one of the last and best development sites in the South Bay, and we have flexible entitlements for approximately 1.7 million square feet of future development.”
About Thomas Properties Group
Thomas Properties Group, Inc., based in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties on a nationwide basis. The company's primary areas of focus are the acquisition and ownership of premier properties, both on a consolidated basis and through its strategic joint ventures, property development and redevelopment, and property management and leasing activities. For more information about Thomas Properties Group, Inc., please visit http://www.tpgre.com.
Forward Looking Statements
Statements made in this press release that are not historical may contain forward-looking statements. Although TPGI believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from TPGI’s expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services, including interest rates, the availability of credit and equity investors to finance commercial real estate transactions, our ability to enter into or renew leases at favorable rates, which can be impacted by the financial condition of our tenants, risks associated with the success of our development and property redevelopment projects, general volatility in the securities and credit markets, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause our results to differ from management's expectations, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Factors That May Influence Future Results of Operations" in our 10-K for the year ended December 31, 2010, and contained in our reports on Form 10-Q for fiscal quarters during 2011, which have been filed with the SEC. TPGI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Thomas Properties Group Inc.
Investor relations contact:
Thomas Properties Group
Diana Laing, Chief Financial Officer