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BEDFORD PROPERTY INVESTORS, INC., ANNOUNCES THE SALE OF UNIVERSITY TOWER AND OTHER DEVELOPMENTS

 LAFAYETTE, Calif., Aug. 19 /PRNewswire/ -- Bedford Property Investors, Inc. (NYSE: BED), has completed the sale of its 160,000 square foot University Tower office building located in Irvine, Calif., to In-N-Out Burgers, Inc., which previously leased two full floors in the building. Peter B. Bedford, chairman of the board and chief executive officer, reported the sale price was $15.2 million, or $96 per square foot. "A portion of the proceeds from the sale were used to pay off the company's $6 million loan with Bank of America which had been secured by the property," he said.
 "The sale of University Tower is significant to the company for several reasons," Mr. Bedford stated, "in that the company's mortgage debt has been reduced 54 percent to $5.1 million, funding is available for the company's first acquisition in almost three years, estimated 1994 funds from operations will be positively impacted by the acquisition and working capital has been improved."
 Earlier this year, the company announced a regional expansion program including the acquisition of industrial, service industrial and suburban office properties in the western United States. Mr. Bedford said the company has completed its due diligence review and has contracted to purchase the Woodlands II complex in Salt Lake City, Utah, for $6.75 million, or $59 per square foot. The Woodlands II complex is currently an REO property owned by a major bank and 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 with potential for development. The purchase is expected to close within the next month. This will be the company's first acquisition since 1990, when five industrial properties were acquired.
 "We are focused on growing the REIT and improving our funds from operations," Mr. Bedford said. He stated the company is evaluating several potential investment opportunities and that the company is in the process of negotiating an acquisition line of credit for such investments. Additionally, the company has listed three of its office buildings for sale, which are located in Boston; Jackson, Miss.; and San Antonio, Texas. The sale proceeds are planned to be reinvested in commercial properties within the Pacific and Mountain States.
 Bedford Property Investors, Inc., is a self-administered equity real estate 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- 8/19/93
 /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.; In-N-Out Burgers, Inc. ST: California IN: SU: RLE

SH-OS -- NY061 -- 4420 08/19/93 15:10 EDT
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Publication:PR Newswire
Date:Aug 19, 1993
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