STIP – 12

industrial buildings

“STIP – 12” is a 12-property, 1.8 million square foot portfolio of industrial and flex properties, located in 8 states and acquired by Fortis in May of 2006. Fortis contracted to buy 22 properties, but flipped 10 properties to a like-kind exchange buyer and used the proceeds from that flip as a significant portion of its equity for acquiring the remaining 12 properties. The properties are located in various states (Florida, Texas, Ohio, Maryland, Tennessee, North Carolina, South Carolina and New Hampshire) and leased to various tenants.