Business Services Industry
MIP Properties Inc. closes the sale of Ontario Airport Business Park
Business Wire, Nov 30, 1994
SANTA MONICA, Calif.--(BUSINESS WIRE)--Nov. 30, 1994--MIP Properties Inc. (ASE:MIP), an equity real estate investment trust, Wednesday announced that it has closed the sale of Ontario Airport Business Park, a 114,000-square-foot multi-tenant industrial project located in Ontario, Calif.
The net cash proceeds, after considering the related $1.5 million mortgage, was approximately $1.2 million and was used to reduce the mortgage debt on MIP's Northbay Industrial Building. MIP will record a nominal gain for financial statement purposes on the sale of this investment in the fourth quarter of 1994.
Commenting on the sale, Carl C. Gregory III, chairman and chief executive officer, stated, "Not only did MIP receive an attractive price for this property, the cash enabled us to reduce the non-recourse debt on wholly owned properties to approximately $5.5 million."
CONTACT: MIP Properties Inc., Santa Monica
Marsha Z. Day, 310/449-4444
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