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BEDFORD PROPERTY INVESTORS, INC., ANNOUNCES THE ACQUISITION OF WOODLANDS I PROJECT IN SALT LAKE CITY, UTAH

 LAFAYETTE, Calif., Aug. 26 /PRNewswire/ -- Bedford Property Investors, Inc. (NYSE: BED), Peter B. Bedford, chairman of the board and chief executive officer, announced completion of the acquisition of the Woodlands II property in Salt Lake City, Utah, for $6.75 million, or $59 per square foot. The property consists of a suburban six-story, 106,084 square foot class A office building which is 96 percent occupied, a single-story, 8,268 square foot retail building which is fully occupied and a 3.6 acre parcel available for future development. The Woodlands II property was acquired from the Bank of Montreal.
 Last week the company announced the sale of its University Tower office building in Irvine, Calif., for $15.2 million, or $96 per square foot, and the payoff of the $6 million Bank of America loan which was secured by that building. Mr. Bedford, at the time, said that the purchase of the Woodlands II project was the company's first acquisition since 1990 and would result in improved estimated funds from operations in 1994.
 Bedford Property Investors, Inc., is a self-administered equity real estate investment trust with investments in suburban office buildings and industrial properties. It is traded on the New York and Pacific Stock Exchanges under its new symbol "BED".
 -0- 8/26/93
 /CONTACT: Peter B. Bedford, chairman of the board and chief executive officer, or Roger J. Galassi, vice president, secretary and treasurer of Bedford Property Investors, Inc., 510-283-8910/
 (BED)


CO: Bedford Property Investors, Inc. ST: California, Utah IN: SU: TNM

SM-OS -- NY058 -- 6239 08/26/93 14:24 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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