Bedford Property Investors Announces Expansion of Phoenix Holdings.LAFAYETTE, Calif.--(BUSINESS WIRE)--July 16, 1997--Bedford Property Investors, Inc. (NYSE NYSE See: New York Stock Exchange :BED) announced today the acquisition of a 50,000 sq. ft. R&D building in the city of Tempe, Arizona, located at 2601 W. Broadway. The acquisition price was $3,420,000, or $68.40 PSF. The building is leased for 10 years to Western Wireless Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :WWCA WWCA Western Wireless Corporation (stock symbol) WWCA Western Washington Center for the Arts ). The lease provides for fixed annual 4% increases. "This acquisition provides a nice balance to our Phoenix portfolio," stated Peter B. Bedford, Chairman of the Board of Bedford Property Investors. "Our past acquisitions in this marketplace have focused on multi-tenant properties, and we felt it was important to balance our regional asset mix with an acquisition that provides long term stability with fixed rental steps. 2601 Broadway is a superb location with an excellent credit tenancy; we are looking to identify more assets like this in the Phoenix market in the near future." Year to date BPI has purchased properties valued at $128MM, with an additional $31.7MM under contract or letter of intent slated to close by the end of August. Bedford Property Investors is a self-administered equity real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) with investments in suburban office buildings and industrial properties concentrated in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . It is traded on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pacific and Chicago Exchanges under the symbol "BED". CONTACT: Bedford Properties Peter B. Bedford or Bob Pester, 510/283-8910 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion