FOR IMMEDIATE RELEASE

Press Contacts:
Laci Pippin
Atlas Properties
Laci@AtlasProps.com 817/924.9780

Atlas Properties Acquires Pabst-Pendergast building in Kansas City

FORT WORTH, Texas (June 18, 2010)- Atlas Properties has acquired the 105,700 square foot Pabst-Pendergast building and two parking lots in the Crossroads Arts District of Kansas City. The purchase is Atlas Properties' second Crossroads area acquisition in 2010. In May, Atlas purchased the Liberty Lofts, a luxury condo property located in the Crossroads and Union Station neighborhood. The Liberty Lofts have been renovated and individual units are currently listed for sale.

The Pabst-Penderast building, located at 21st and Central, is the former site of the Pabst Saloon, Pendergast Liquors, and the Pabst Brewery warehouse, operated by famed Kansas City political boss Tom Pendergast. The property is reportedly the hub of Kansas City’s legendary bootlegging industry during Prohibition. The buildings share connected floors, hidden rooms, and secret tunnels. The rooftop has spectacular panoramic views of downtown Kansas City and its surrounding neighborhoods.

Although Atlas does not have specific plans, the site will likely be redeveloped for mixed-use. Atlas plans on meeting with community stakeholders to get their input on the property’s ultimate use. The property was purchased at an estate auction via an absolute auction with no reserve. The prior owner secured nearly $3.95 million in TIF financing reimbursements that transfers with the property. The building is also eligible for state and federal historic tax credits that total 45% of qualified redevelopment costs.

"We are excited to be the new owners of this unique historic property," said Adam Blake, Principal at Atlas Properties. "We view this as a unique investment opportunity due to the location of the property, its redevelopment potential, and the multiple financial incentives.”

About Atlas Properties
Atlas Properties was founded in 2004 and has grown by managing, owning, syndicating, and developing residential, commercial, and mixed-use properties throughout the United States, with Dallas-Fort Worth being its primary market. Atlas also provides real estate syndication, management, and brokerage services. A few of Atlas’ recent acquisitions include an 18- story mixed-use high rise in downtown Fort Worth and 56 units in the Piazza Siena condominiums in Dallas. Atlas was recently ranked the 123rd fastest growing private company in the US according to Inc. Magazine.