Bedford Property Investors announces entry into Texas market.LAFAYETTE, Calif.--(BUSINESS WIRE)--May 29, 1997--Bedford Property Investors Inc. (NYSE NYSE See: New York Stock Exchange :BED) announced today the purchase of a three-story, 82,680 sq. ft. class "A" suburban office building in Austin, Texas. The building is 100% occupied under a long-term lease to Empire Funding, and has an initial return of 10%. It is located in an area adjacent to the Radisson Hotel and the Arboretum arboretum: see botanical garden. arboretum Place where trees, shrubs, and sometimes herbaceous plants are cultivated for scientific and educational purposes. An arboretum may be a collection in its own right or a part of a botanical garden. regional shopping complex known as the Arboretum sub-market, the most desired address in Austin. "We have been evaluating Austin for the past 18 months," stated Peter B. Bedford, Chairman of the Board of Bedford Property Investors, "and the economic, political and employment demographics The attributes of people in a particular geographic area. Used for marketing purposes, population, ethnic origins, religion, spoken language, income and age range are examples of demographic data. of this area, coupled with the quality of life, closely mirror what we have seen occur in the Silicon Valley. Austin is a growth engine, and truly has become one of the country's high-tech centers. This is a market where we foresee excellent real estate growth and rental appreciation." Year to date, Bedford Property Investors has purchased six properties with an aggregate purchase price of $64MM and blended initial yields in excess of 9.8%. The company has an additional $55MM of transactions currently under contract and slated to close in the next 45 days. The company also has four development properties under construction that are slated for completion in 1997, totaling 364,000 sq. ft. with an aggregate cost 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 Peter B. Bedford, 510/283-8910 (Chairman/CEO) Bob Pester, 510/283-8910 (Sr. VP, Acquisitions/Dvlpmt.) |
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