Bedford Property Investors announces Silicon Valley acquisition.LAFAYETTE, Calif.--(BUSINESS WIRE)--March 18, 1997--Bedford Property Investors Inc. (NYSE NYSE See: New York Stock Exchange :BED) announced today the purchase of a five-building 146,500 sq. ft. service flex/office complex in Fremont, Calif., located within the Silicon Valley. The purchase price was $12.4 million and the property will provide an initial going-in yield in excess of 10%. Occupancy was 91% at the time of purchase. This is the 13th property Bedford has acquired in the Silicon Valley in the past few years, representing a portfolio in excess of one million sq. ft. "We set out on a strategy to selectively acquire a portfolio of real estate assets in the Silicon Valley a few years ago," stated Peter B. Bedford, 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. of Bedford Property Investors, "and we have been successful in accumulating a unique group of R&D and service flex assets that are benefiting from the tight market conditions and the rental spikes that are occurring in the market. This latest acquisition brings our total acquisitions for the first quarter of 1997 to $32,145,000." 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 Peter B. Bedford, 510/283-8910 Executive Vice President and CFO See Chief Financial Officer. Donald A. Lorenz, 510/283-8910 |
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