Bedford Property Investors Announces Purchase of Mondavi Warehouse.LAFAYETTE, Calif.--(BUSINESS WIRE)--Sept. 16, 1997--Bedford Property Investors Inc. (NYSE NYSE See: New York Stock Exchange :BED) announced today the purchase of a 120,157 sq. ft. warehouse/office facility located in the Napa Valley Corporate Park for $6,430,000 or $53.51 PSF. The building was purchased from the Robert Mondavi Corporation, which will continue to occupy the premises under a 15-year absolute triple net lease; Mondavi is the sole tenant in the facility. The lease agreement provides for fixed 5% increases at 24-month intervals throughout the lease term, with an initial yield on investment of 9.25%. In conjunction with the purchase of this building, BPI has also contracted to acquire an adjacent seven-acre parcel for $1,131,000, with a closing estimated to occur in March of 1998. BPI plans to construct another warehouse facility on the property, which will be designed for multiple tenants. "We are extremely pleased with this acquisition," stated Peter B. Bedford, chairman of the board of Bedford Property Investors. "Over the past eight months we have focused our efforts on acquiring several single tenant, long-term leased assets, so as to provide a stable balance for the multi-tenant properties which we have also been acquiring." Year to date, BPI has purchased approximately $158MM in properties, with an additional $65MM of acquisitions presently under contract or in the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. phase. In addition, BPI has four developments in progress, which are expected to be completed in the third and fourth quarter of this year, with a total cost basis of $23MM. 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, Lafayette CHAIRMAN OF THE BOARD AND CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Peter B. Bedford, 510/283-8910 or SENIOR VICE PRESIDENT AND CFO See Chief Financial Officer. Scott R. Whitney, 510/283-8910 |
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