Business
Presidio Property Trust Announces Acquisition of Medical/Office Property
SAN DIEGO, CA / ACCESSWIRE / December 22, 2021 / (NASDAQ:SQFT)(NASDAQ:SQFTP) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / December 22, 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 that is 100% leased to Johns Hopkins' University's Bloomberg School of Public Health in Baltimore, Maryland, in an all-cash acquisition.\"We are pleased to announce our acquisition of a clinical research and support facility, leased to a credit tenant. This acquisition fits well with our expansion strategy into markets that are supported by university and hospital campus presence,\" said Jack Heilbron, Chief Executive Officer and President of Presidio.Gary Katz, Chief Investment Officer, added, \"With a triple-net structure and steady annual rent increases, we expect to see strong cash flow from this property. It is great to have a top-ranked university system join the family of Presidio commercial tenants.\"CBRE's US Healthcare & Life Sciences Capital Markets team represented the seller in this transaction.About 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 21E of the Securities Exchange Act of 1934, as amended, and other federal securities laws. Forward-looking statements ar...