Business
Presidio Property Trust Announces Completion of Sale of Building at Executive Office Park
SAN DIEGO, CA / ACCESSWIRE / December 4, 2020 / Presidio Property Trust, Inc. (Presidio or the Company)( NASDAQ:SQFT), an internally managed, diversified real
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / December 4, 2020 / Presidio Property Trust, Inc. (Presidio or the Company)( NASDAQ:SQFT), an internally managed, diversified real estate investment trust (REIT), today announced the completion of the sale of 1283 Kelly Johnson Boulevard in Colorado Springs, Colorado, one of the four buildings collectively referred to by the Company as Executive Office Park. Total consideration paid was $2,275,000 for the 15,220 square foot building.\"We are pleased to see continued activity, particularly demand for quality commercial properties in attractive locations,\" said Jack Heilbron, President and Chief Executive Officer. \"We acquired the Executive Office Park complex of buildings in 2008 and have participated in the growth and strength of the Colorado Springs market,\" said Heilbron. Presidio owns three other commercial properties in Colorado Springs.\"This was an accretive sale, as well as a defensive one, for Presidio,\" noted Gary Katz, Senior Vice President of Asset Management. \"This sale reduced our overall debt and avoided the cost of future tenant improvements that may have been required by new tenants in this building.\"Rob Rolley of RE/MAX Commercial in Colorado Springs represented Presidio in this transaction.About Presidio Property TrustPresidio is an internally managed, diversified REIT. We own over 130 model home properties located in seven states, primarily in Texas and Florida. The model homes, which are often situated on premium lots and feature built-in buyer options, are leased back to homebuilders on a triple-net basis. Our commercial real estate portfolio consists of approximately 1.1 million square feet comprised of 15 properties: ten office properties, one industrial property and four retail properties. Our commercial portfolio is located in Southern California, Colorado, and North Dakota, and we are currently considering new commercial property acquisitions in additional markets in the United States. Our commercial property tenant base is diversified, which helps limit our exposure to any single industry in which our tenants operate. This geographical clustering of our real estate portfolio enables us to minimize operating costs and leverage efficiencies by managing a number of properties utilizing minimal overhead and staff. For more information on Presidio, please visit the Company'...