Bedford Property Investors Announces Property Acquisitions and Development Starts.LAFAYETTE, Calif.--(BUSINESS WIRE)--June 22, 1998--Bedford Property Investors Inc. (NYSE NYSE See: New York Stock Exchange :BED) announced today that they acquired three properties on Friday, June 19. The properties are: In Austin, Texas, BPI (Bits Per Inch) The measurement of the number of bits stored in one linear inch of a track (storage channel) on a disk or tape. Bit density on magnetic disks has reached 800,000 bpi (800 Kbpi). See tpi, areal density and magnetic disk. BPI - bits per inch acquired the five building, 159,598 sq. ft. service flex, Austin Service Center. The portfolio was purchased for $11,000,000, or $68.92 PSF, and was 95% occupied at the time of acquisition. In San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Calif., BPI purchased a single tenant 33,144 sq. ft. R&D building located at 6960 Flanders Drive Flanders’ DRIVE is a Flemish non-profit organization. The aim of the organization is to support the vehicle suppliers with know-how through the Flanders’ DRIVE Network, and to provide infrastructure for the automotive industry through the in the Sorrento Mesa sub-market. The property was purchased for $3,400,000, or $102.58 PSF, and was 100% occupied at the time of acquisition. The building is under a long term lease with Geocon Inc.; the lease provides for annual fixed increases. In Seattle, Wash., BPI purchased a 13 acre site for $5,389,000 in the Seattle suburb of Bothell, and commenced construction on a three building, 194,000 sq. ft. office/R&D complex. The project is slated for completion in early 1999. Commenting on the acquisitions, Peter B. Bedford, chairman of the board of Bedford Property Investors stated: "We are continuing with a very selective approach to identifying properties that provide accretive acquisitions for our shareholders from the date of acquisition, and that provide for good 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 . We are also pinpointing development opportunities that will provide significantly higher returns on our invested capital." To date BPI has purchased in excess of $129,000,000 worth of properties in 1998, and presently has a development pipeline of 14 projects in process. 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 U.S. 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" and its web site is www.bedfordproperty.com.
CONTACT: Bedford Property Investors, Lafayette
Peter B. Bedford or Robert Pester, 925/283-8910
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion