Business
Presidio Property Trust Announces Sale of World Plaza
SAN DIEGO, CA / ACCESSWIRE / March 21, 2022 / (NASDAQ:SQFT)(NASDAQ:SQFTP) Presidio Property Trust, Inc. ("Presidio" or "Company"), an internally managed,
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / March 21, 2022 / (NASDAQ:SQFT)(NASDAQ:SQFTP) Presidio Property Trust, Inc. (\"Presidio\" or \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today announced the closing last week of the sale of World Plaza, a retail center located in San Bernardino, California.\"This sale completes the execution of our strategy of divesting from retail properties located in the State of California,\" said Jack Heilbron, President and Chief Executive Officer. \"Our last remaining commercial property in California, Genesis Plaza, houses our San Diego headquarters, which we currently have no plans to sell.\"\"World Plaza is an example of Presidio's skill at repositioning assets,\" added Gary Katz, Chief Investment Officer. \"We did extensive renovations to reposition the property and raised occupancy from 31% at the end of 2018 to 100% in 2019. The property remained fully occupied at the time of sale.\"Presidio was represented by Matt Burnett of Hanley Investment Group.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. (MURFU), which currently holds approximately $140 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. The SPAC intends to focus on companies in the real estate industry, including construction, homebuilding, real estate owners and operato...