Investors Real Estate Trust (IRET) recently announced that its operating partnership, IRET properties, has signed leases that total to around 102,548 square feet at three of its commercial properties. Timothy Mihalick, President and Chief Executive Officer of IRET, expressed his happiness over the signing of the three commercial leases. He added that they were committed in serving the existing tenants as well as secure new tenants in the unoccupied space.
Medcenter One, Inc., which is a non profit, integrated health system has leased around 11,890 square feet. This is done for the relocation of their Walk-in Clinic Downtown and is leased from former Bank of North Dakota Building. This is located at the corner of the Seventh Street and Broadway Arena in Bismarck, North Dakota. The place is currently being remodeled and will be completed and occupied in June 2010 with 50% building occupancy.
ARCADIS, an international consulting and engineering firm, for its US headquarters, has extended its 71,000 square feet lease for an additional five year period. The location of this is IRET’s Highlands Ranch Office Center I, located at Colorado with 100% building occupancy.
Trinity Health, a non-profit healthcare organization has leased a space in IRET Corporate Plaza, located in North Dakota. The leased space is reportedly 19,658 square feet with around 82% building occupancy. The place is currently being remodeled and will be completed and occupied by August 2010.
Mr. Mihalick said that even in these times of shaky economy it is very encouraging to see the deals go through.
