Bedford Property Investors Announces New Acquisitions for 1998.LAFAYETTE, Calif.--(BUSINESS WIRE)--Feb. 12, 1998--Bedford Property Investors, Inc. (NYSE NYSE See: New York Stock Exchange :BED) announced today two new acquisitions. In Phoenix the company purchased the El Caro Executive Center, a 60,321 square foot office building acquired for $6,000,000 or $99.47 PSF. The property had an initial in-going yield of 9.03% based on the building's current occupancy, which is 94%. The property is located adjacent to Interstate 17 and overlooks the El Caro Golf Course. It was acquired at an estimated 75% of replacement cost with in-place rents approximately 20% under current market. In Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , the Company acquired the Didde Building, a 20,115 square foot office building located in the suburb of Overland Park Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. . The building is located in Corporate Woods, the most prestigious office park in Kansas City. It was acquired for $2,120,000 or $105.39 PSF, an estimated 68% of replacement cost. The property is 100% occupied with initial going-in yields of 10.13%. "We continue to selectively identify 'one-off' asset purchases in our target markets that meet our criteria of acquisition at less than replacement cost, and provide upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar due to under-market rents," stated Peter B. Bedford, Chairman of the Board of Bedford Property Investors. "Our approach has been, and will continue to be, to conservatively grow our portfolio through acquisition and development of properties that are accretive to our shareholders, and that enhance shareholder value." 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 and Pacific Exchanges under the symbol "BED". CONTACT: Bedford Property Investors Inc. Peter B. Bedford, 510/283-8910 (Chairman of the Board and Chief Executive Officer) Robert Pester, 510/283-8910 (Executive Vice President and Chief Investment Officer) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion