Business
Presidio Property Trust Announces Acquisition of Houston Commercial Property
SAN DIEGO, CA / ACCESSWIRE / August 18, 2021 / (NASDAQ:SQFT)(NASDAQ:SQFTP) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed,
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / August 18, 2021 / (NASDAQ:SQFT)(NASDAQ:SQFTP) Presidio Property Trust, Inc. (\"Presidio\" or the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today announced the closing of a commercial property in Houston, Texas in an all-cash acquisition.\"We are pleased to announce our acquisition of a newly-built franchised Kiddie Academy location in an affluent area of fast-growing Houston. Kiddie Academy is one of the leading childcare franchises in the country. This quality asset, which is driven by non-discretionary spending in a fast-growing city, fits well with our growth strategy,\" said Jack Heilbron, Chief Executive Officer and President of Presidio.Gary Katz, Senior Vice President of Asset Management, added, \"With a triple-net structure, steady annual rent increases, and credit enhancement over the 15-year lease, we expect to see a steady cash flow from this property. As the property was built this year, we also anticipate a relatively low level of capital expenditures while owning this property.\"The property was sold by an affiliate of the Woodmont Company. Presidio was represented by Matt Burnett of Hanley Invest GroupAbout Presidio Property TrustPresidio is an internally managed, diversified REIT with holdings in office, industrial, and retail properties, and model home properties which are triple-net leased to homebuilders. Presidio's model homes are leased to homebuilders located primarily in Texas and Florida and its office, industrial and retail properties are located primarily in Colorado, with properties also located in North Dakota and in Southern California. While geographical clustering of real estate enables Presidio to reduce its operating costs through economies of scale by servicing a number of properties with less staff, it makes Presidio susceptible to changing market conditions in these discrete geographic areas, including those that have developed as a result of COVID-19. For more information on Presidio, please visit the Company's website at https://www.PresidioPT.com.Cautionary Note Regarding Forward-Looking StatementsThis press release contains statements that are \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section...