MINOT, N.D., June 10, 2014 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (NYSE:IRET) (NYSE:IRETPR) (NYSE:IRETPRB), announced today that its operating partnership, IRET Properties, has entered into a joint venture to develop 246 apartments and 21,873 sq. ft. of retail space in Edina, MN. The total estimated project cost is $69.8 million. The joint venture, IRET -71 France, LLC, consists of IRET Properties with a 50.5% interest, developer Schafer Richardson, and additional equity contributors. The mixed-use development will be located at the southeast corner of France Ave. and Hazelton Rd., adjacent to the existing Byerly's grocery store.
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Schafer Richardson is a real estate development, investment, management, leasing and construction firm focused on commercial and residential real estate primarily in the Twin Cities. The company is based in Minneapolis, MN.
The project, designed by Pope Architects, will feature underground parking, swimming pool, fitness center, business center, and community room, and will be constructed by Kraus-Anderson Construction Company. Construction is anticipated to take 24 months, and will be completed in three phases, with the retail space in the second and third phases.
The groundbreaking for this project is scheduled for Wednesday, June 11th at 11:00 AM.
About Investors Real Estate Trust
Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis and St. Cloud, Minnesota.
Statements about IRET's future expectations and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
The photo is also available via AP PhotoExpress.
CONTACT: Lindsey Knoop Anderson Director of Investor Relations 1400 31st Ave SW Suite 60 PO Box 1988 Minot, North Dakota 58702-1988 phone: 701.837.4738 fax: 701.838.7785 email:email@example.com
Source:Investors Real Estate Trust