Friday, February 24, 2012

ComInd REIT picks Dallas for HQ; to spend $400M in real estate

Date: Thursday, February 23, 2012, 1:16pm CST
David Merker and Carmaleta Whiteley
David Merker and Carmaleta Whiteley

Candace Carlisle
Staff Writer - Dallas Business Journal
Email


ComInd REIT has selected Dallas for its new headquarters, and is looking for an office building to buy that will be the investment trust's new address.
The investment group also has chosen the following markets to make $400 million in real estate buys: Arizona, California, Florida, Illinois, Indiana, Kansas, Missouri and Texas.
About $100 million of the properties will be industrial sites, with $300 million spent on office cash buys.
The group has chosen Carmaleta Whiteleyas president of the trust, and David Merkeras CEO.
In a written statement, Merker said the investment trust intends to qualify as a real estate investment trust with the IRS and obtain approval of the Security and Exchange Commission to sell stock in a private or public offering. He adds that the group has properties under contract waiting for approval and the sale of the investment trust's stock.
The move to Dallas will help the trust grow its presence in Texas, officials said. Other district offices in Texas will be added as the group grows.