Bedford erty (NYSE:BED)
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Bedford Property Investors, Inc. (NYSE:BED) announced
today the sale of a two building portfolio in Tucson, Arizona to a
single buyer for a sale price of $10.0 million. The properties consist
of an R&D building and a service-center flex building, located at 4755
South Butterfield Drive and 4650 South Coach Drive. Together the
properties comprise 128,828 square feet. The transaction resulted in a
GAAP gain of approximately $4.0 million.
"These fully leased buildings are the only remaining assets we
have in the Tucson area and selling them at this time will allow us to
achieve further operating efficiencies," said Peter B. Bedford,
Chairman of the Board and Chief Executive Officer.
Bedford Property Investors is a self-administered equity real
estate investment trust (REIT) with investments in suburban office
buildings and industrial properties concentrated in the western United
States. It is traded on the New York Stock Exchange and the Pacific
Exchange under the symbol "BED" and its web site is
www.bedfordproperty.com.
Please note: This press release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934 that represent the company's current expectations
and beliefs. These forward-looking statements are subject to certain
risks and uncertainties that could cause the actual results,
performance or achievements to be materially different from those
expressed, expected or implied by the forward-looking statements. The
risks and uncertainties that could cause our actual results to differ
from management's estimates and expectations are contained in the
company's filings with the Securities and Exchange Commission,
including its 2004 Annual Report on Form 10-K and its most recent
Quarterly Report on Form 10-Q. The company does not undertake to
update forward-looking information contained herein or elsewhere to
reflect actual results, changes in assumptions or changes in other
factors affecting such forward-looking information.