Principal Real Estate Investors Acquires Piedmont Town Center
November 6, 2007 (Des Moines, Iowa) — Principal Real Estate Investors, the fourth largest manager of real estate assets in the U.S. based on tax-exempt assets under management1, announced that they have acquired Piedmont Town Center in Charlotte, N.C., on behalf of a client.
The 489,559 square foot property consists of two eight-story office buildings and 73,965 square feet of street level retail space in two separate buildings referred to as Piedmont Row. The retail space within Piedmont Row is positioned on the ground floor of two parking decks that serve the entire project.
"Piedmont Town Center is known throughout the Southeast as a premier mixed-use development," said Rick Massa, acquisitions manager for Principal Real Estate Investors. "The high-quality nature of this asset, coupled with a diverse group of tenants, many of which are investment grade, make this a compelling investment."
The property's location at the intersection of Fairview Road and Piedmont Row Drive, marks the gateway into South Park and is located six miles from the Central Business District.
"There is really no comparable project in Charlotte that offers a mix of office, retail and residential use in a setting like this," noted Massa.
About Principal Real Estate Investors
Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management2 and manages or subadvises $40.4 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group.®
About the Principal Financial Group
The Principal Financial Group® (The Principal®)3 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $282.1 billion in assets under management4 and serves some 18.1 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1) Ranked by U.S. institutional tax-exempt assets, out of 50 managers profiled, as of June 30, 2006. “Real Estate Managers,” PENSIONS & INVESTMENTS, Oct. 16, 2006
2) Ranked by U.S. institutional tax-exempt assets, out of 50 managers profiled, as of June 30, 2007. “Real Estate Managers,” PENSIONS & INVESTMENTS, Oct. 15, 2007
3) "The Principal Financial Group" and "The Principal" are registered trademarks of Principal Financial Services, Inc., a member of the Principal Financial Group.
4) As of June 30, 2007.
