Western Investment Real Estate Trust announces lease with Heald Colleges of California

Business Wire, March 29, 1995

SAN FRANCISCO--(BUSINESS WIRE)--March 29, 1995--Western Investment Real Estate Trust (ASE:WIR) today announced that it has entered into a lease with Heald Colleges of California for 34,800 usable square feet at its Milpitas, Calif., office property.

The 10-year lease provides for an annual rent of $375,500. Rental payments are scheduled to commence in the third quarter of 1995.

Heald Colleges of California, a 132-year-old school, operates 17 campuses throughout California and Hawaii. The Milpitas campus will house a branch of Heald College's technical division -- the Heald Institute of Technology. Students may earn an Associate of Applied Science degree from the college, which is accredited by the Western Association of Schools and Colleges. Heald Colleges anticipates opening the Milpitas campus in early July 1995.

William A. Talmage, executive vice president and chief operating officer, stated: "This triple-net lease will contribute more than 2 cents per share in rental revenues on an annual basis. Many factors contributed to Western's ability to attract a high caliber tenant, such as Heald Colleges of California, to our Milpitas property -- the improved economy, the recent development of the Great Mall of the Bay Area and the building's key location." The office building property lies adjacent to Capitol Avenue and the Montague Expressway, two major Silicon Valley highways.

Western Investment Real Estate Trust is a dominant owner of community and neighborhood shopping centers in northern California and northern Nevada. Its portfolio of 62 properties includes a total gross leasable area of more than 4.75 million square feet. The self-administered equity real estate investment trust is based in San Francisco and trades on the American Stock Exchange.

CONTACT: Western Investment Real Estate Trust, San Francisco

Dennis D. Ryan, 415/929-0211