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| News RELEASE |
First Cash takes 18,030 SF at Enterprise Office Center
Arlington, TX -- January 13, 2004: First Cash Financial Services (FCFS:NASDAQ)
a leading supplier of consumer finance products has leased 18,030 sq. ft. of
space at Enterprise Office Center in Arlington, TX. The 89,725 sq. ft. property
is owned and operated by investment advisory firm, KBS Realty Advisors (www.kbsrealty.com).
First Cash (www.firstcash.com) currently owns and operates over 200 pawnshops
and check cashing/short-term loan stores in eleven U.S. states and Mexico. The
Company's pawnshops provide consumer loans that are secured by pledged personal
property. In addition, previously used consumer products such as jewelry, electronics
and power tools acquired through loan forfeitures are retailed in the pawnshops.
Through its check cashing/short-term loan stores and selected pawnshops, the
Company provides other financial services products, including check cashing
services and short-term advances. First Cash was founded in 1988. Its stores
are located in Texas, California, District of Columbia, Illinois, Maryland,
Missouri, Oklahoma, Oregon, South Carolina, Virginia, Washington and Mexico.
The Company's principal executive offices are located Enterprise Office Center
in Arlington, TX.
The First Cash lease was for a term of five years and comprised a 14,000 sq.
ft. renewal and 4,000 sq. ft. expansion of space. "We are very pleased
that First Cash has chosen a KBS property to serve as their headquarter location,"
commented Walter Foster, Senior Vice President of KBS Realty Advisors. "We
look forward to providing them with the facilities services they need as their
company continues to grow."
Foster added that KBS was very pleased with the outstanding efforts of Fletcher
Cordell of Transwestern Commercial Services (www.transwestern.net) who represented
KBS in the transaction. KBS was also pleased to work with the tenant's representative,
Jim Eagle of Red Oak Realty.
Headquartered in Newport Beach, CA, KBS Realty Advisors is a premier investment
management firm specializing in real estate investments on behalf of select
private and public pension fund, endowment and foundation partners. Founded
in 1992, KBS has invested in excess of $4.5 billion on behalf of its clients. KBS
specializes in purchasing and repositioning under-performing real estate and
real-estate related assets in the United States.