Business
Presidio Property Trust Announces New Denver Lease
SAN DIEGO, CA / ACCESSWIRE / December 12, 2022 / (NASDAQ:SQFT;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 / December 12, 2022 / (NASDAQ:SQFT;SQFTP) Presidio Property Trust, Inc. (\"Presidio\" or the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today announced that it has entered into a lease agreement with Axia Energy II, LLC to occupy 9,928 square feet at its Shea Center II office building in Highlands Ranch, Colorado.\"We thank Axia for choosing Presidio's Shea Center II property as its headquarters location,\" said Jack Heilbron, President and Chief Executive Officer. \"Axia is a very important addition to our tenant roster.\"\"Shea Center II is a truly unique property, located in the desirable Highlands Ranch submarket with many restaurants and amenities located directly across the street,\" said Gary Katz, Chief Investment Officer of Presidio. \"The property's recent WiredScore and Energy Star certifications contribute to Shea Center II's attractiveness to tenants.\"Mitch Bradley of CBRE represented Presidio in this transaction.About Presidio Property TrustPresidio is an internally managed, diversified REIT with holdings in model home properties which are triple-net leased to homebuilders, office, industrial, and retail properties. Presidio's model homes are leased to homebuilders located primarily in Texas and Florida. Our office, industrial and retail properties are located primarily in Colorado, with properties also located in Maryland, North Dakota, Texas, and Southern California. While geographical clustering of real estate enables us to reduce our operating costs through economies of scale by servicing a number of properties with less staff, it makes us susceptible to changing market conditions in these discrete geographic areas, including those that have developed as a result of COVID-19. Presidio is also the sponsor of the Special Purpose Acquisition Company (SPAC) Murphy Canyon Acquisition Corp. (NASDAQ: MURF), which currently holds approximately $136 million in trust. Murphy Canyon Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. On November 8, 2022, Murphy entered into a definitive business combination agreement with Conduit Pharmaceuticals Limited, a pharmaceutical company...