Business
Presidio Property Trust Welcomes DISH Wireless to San Diego Office Building
SAN DIEGO, CA / ACCESSWIRE / June 15, 2022 / Presidio Property Trust, Inc. (NASDAQ:SQFT) (NASDAQ:SQFTP) (the "Company"), an internally managed, diversified
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / June 15, 2022 / Presidio Property Trust, Inc. (NASDAQ:SQFT) (NASDAQ:SQFTP) (the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), announced the commencement of tenant improvement construction for its new tenant, DISH Wireless LLC, at its Genesis Plaza office building in San Diego, California.\"We are pleased to welcome DISH Wireless to our San Diego office building, where they will locate adjacent to our corporate headquarters,\" said Jack Heilbron, President, and Chief Executive Officer. \"Attracting such a strong credit tenant as DISH is a testament to the high-quality business environment we have achieved at Genesis Plaza, and which we strive for at all the properties in our portfolio.\"\"DISH Wireless is leasing more than 6,000 square feet at Genesis Plaza, which has raised the occupancy at the property to 96%. This lease exemplifies the strong leasing activity we are seeing throughout our portfolio,\" said Gary Katz, Chief Investment Officer.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 operators, ...