Presidio Property Trust Announces Sales of Highland Court and Executive Office Park Properties

About this update from Presidio Property Trust, Inc.

[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / May 27, 2021 / Presidio Property Trust (NASDAQ:SQFT), an internally managed, diversified real estate investment trust, today announced the sales of its Highland Court and Executive Office Park properties. Highland Court, a two-floor office building in Centennial, Colorado, was sold on May 20, 2021. Additionally, Presidio sold its three remaining buildings at Executive Office Park, a four-building office complex in Colorado Springs, Colorado, on May 21, 2021. The Executive Office Park sale of one of the four buildings was previously announced and completed in a separate transaction in December of 2020.\"With recent renovations to Highland Court, such as a workout facility and lounge, this property was well positioned for sale,\" said Jack Heilbron, President and Chief Executive Officer. \"Continued occupancy strength throughout the pandemic, and a booming housing market in Colorado Springs, helped us execute on our strategy to successfully sell Executive Office Park.\"\"We acquired Executive Office Park in 2008 and Highland Court in 2015,\" noted Gary Katz, Senior Vice President of Asset Management. \"We are pleased with how we were able to acquire, manage, and exit these properties, and with the strength of the Denver and Colorado Springs markets throughout the time of our ownership.\"Riki Hashimoto of Newmark Knight Frank represented Presidio in the Highland Court transaction. Troy Meyer and Kevin Matthews of SVN Denver Commercial represented Presidio in the Executive Office Park 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 North Dakota and in 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. For more information on Presidio, please visit the Comp...

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