Message #3 From:
Stock News Bot Date: April 27, 2005 10:23:43 AM
ABRI Abrams Announces Sale of Investment Property
Abrams Announces Sale of Investment Property
ATLANTA - PRNewswire-FirstCall - April 22
ATLANTA, April 22 /PRNewswire-FirstCall/ -- ABRAMS INDUSTRIES, INC. (NASDAQ:ABRI), an energy services, facilities solutions and real estate company, today reported the sale of Merchants Crossing Shopping Center of Jackson, Michigan, for a price of $7.4 million, resulting in a pre-tax gain on sale (net of associated costs) of approximately $4 million and net cash proceeds of approximately $4.1 million. The approximately 110,000 square foot shopping center, originally developed by the Company in 1972 and re-developed in 1996 and 2004, is anchored by Kroger, Big Lots and Family Dollar.
"Our mission is to maximize long-term value for our shareholders," stated Alan R. Abrams, Co-Chairman, President & CEO. "We successfully completed the lease-up of this shopping center in recent months, allowing us to obtain an excellent price from the current favorable real estate markets and realize the value we created. We intend to re-deploy the capital created by this development by purchasing an additional income producing property and thereby defer the income taxes otherwise payable on the gain."
Established in 1925, Abrams Industries, operating nationwide through its wholly owned subsidiaries, offers a variety of energy efficiency services and facility resource management solutions, and engages in commercial real estate investment and development. The Company provides energy engineering and analytical consulting services, Web-enabled service and maintenance management software solutions, and turnkey implementation of energy saving lighting programs and related energy services, which help its customer base of energy services companies and multi-site owners and operators of office, hospitality, retail, educational, institutional, industrial, residential, government, and health care buildings, proactively manage facility resources and reduce energy consumption and other facility-related expenses, while improving occupant satisfaction. The Company also currently owns or controls over 800,000 square feet of shopping centers in the Midwest and Southeast and more than 200,000 square feet of office properties in metropolitan Atlanta, Georgia. For more information about Abrams Industries, please visit http://www.abramsindustries.com/ or call 770-953-0304.
Certain statements contained in this news release are forward-looking statements within the meaning of the federal securities laws. Such forward- looking statements involve known and unknown risks, uncertainties and other matters which may cause the actual results, performance or achievements of Abrams Industries, Inc. to be materially different from any past or future results, performance, or uncertainties expressed or implied by such forward- looking statements. Abrams Industries, Inc. does not undertake to update these forward-looking statements.
Abrams Industries, Inc.
Web site: http://www.abramsindustries.com/
