Arizona shareholders approve acquisition of Shidler portfolio
Arizona Land Income Corp. yesterday announced that its shareholders approved the real estate investment trust's acquisition of the Shidler Group's West Coast office building portfolio.
Shareholders also approved AZL's reincorporation in Maryland under the name Pacific Office Properties Trust Inc.
As a result, Pacific Office Properties will adopt the Shidler Group's institutional joint-venture initiatives, which focus on acquiring, owning and operating value-added and core commercial real estate in partnership with institutional co-investors.
"We appreciate the shareholders' approval and demonstration of confidence in the impending transformation of AZL to Pacific Office Properties," said Jay Shidler, founder of the Shidler Group and slated chairman of Pacific Office Properties' board. "We believe Pacific Office Properties is the first of a new generation of REITs, which will use their highly efficient and transparent operating platforms to acquire commercial properties in partnership with institutional co-investors."
Dallas Lucas, slated CEO of Pacific Office Properties, said going forward, the company's co-investment strategy will provide access to private capital in addition to the public capital markets generally available to REITS and should generate venture-related preferential returns.
"We greatly look forward to the closing of the transactions and the launch of operations as Pacific Office Properties." said Lucas.
Pacific Office Properties will focus initially on the four high-growth markets of Honolulu, San Diego, Los Angeles, and Phoenix.