MINOT, ND-Investors Real Estate Trust has signed a letter of intent to acquire a nine-property office portfolio from subsidiaries of Omaha-based Magnum Resources Inc. At a cost of $140.8 million, the purchase includes 15 buildings totaling 936,320 sf.

“These assets will be a great addition to IRET’s diversified portfolio of properties,” says Timothy Mihalick, IRET’s senior vice president and chief operating officer, in a statement. With this transaction, IRET will increase its office portfolio by 25%. The acquisition price will be funded with the issuance of up to approximately $60 million of limited partnership units in IRET’s operating partnership, IRET Properties.

The office portfolio includes: Corporate Center West, Omaha, 141,724 sf within three buildings; Pacific Hills, Omaha, five buildings totaling 142,958 sf; Farnam Executive Center, Omaha, 94,832 sf; Miracle Hills One, Omaha, 84,371 sf; Woodlands Plaza IV, St. Louis, 60,942 sf; Riverport, Maryland Heights, MO, 122,567 sf; Timberlands, Leawood, KS, 90,315 sf; Flagship Office Building, Eden Prairie, MN, 138,784 sf; Gateway Corporate Center, Woodbury, MN, 59,827 sf.

Neither Thomas Wentz, Sr., IRET’s president and chief executive officer, nor Mihalick could be reached for comment by press time. IRET has additional offices in Minneapolis. Excluding the acquisition of these properties, the REIT owns a portfolio of 211 properties, consisting of 66 multifamily residential properties with 8,648 rentable units, and 145 office, medical, industrial and retail properties totaling approximately 8.7 million sf.

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