Bedford Property Investors Inc. Completes Acquisition.LAFAYETTE, Calif.--(BUSINESS WIRE)--April 25, 1996--Bedford Property Investors Inc. (NYSE NYSE See: New York Stock Exchange :BED) announced that it has completed the $7.7 million acquisition of the Westech Business Center, a service industrial project located in Phoenix, Ariz. The property is comprised of five buildings totaling 143,950 rentable square feet and was acquired from Western Rim Investors. The property is 98% occupied by 46 tenants. "Westech represents an excellent opportunity for us. It is well located, is being purchased at below replacement cost, and has excellent 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 ," stated Peter Bedford. "This acquisition represents a reentry reentry n. taking back possession and going into real property which one owns, particularly when a tenant has failed to pay rent or has abandoned the property, or possession has been restored to the owner by judgment in an unlawful detainer lawsuit. into the Phoenix market for us; a market that we are extremely bullish about." With the acquisition of Westech Business Center, the Company's real estate portfolio is comprised of 26 industrial properties, six suburban office properties and one retail property aggregating approximately 2.8 million rentable square feet and is approximately 96% leased. Bedford Property Investors is a self-administrated 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 and Pacific Stock Exchanges under the symbol "BED." CONTACT: Bedford Property Investors Inc. Peter B. Bedford/Donald A. Lorenz, 510/283-8910 |
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