The $3.7 million sale of the 33,144 sf 6960 Flanders Building in San Diego closed on April 18. The R&D property, owned by the company since 1998, is fully occupied by a single tenant. The $112 per sf sales price resulted in a gain of $231,000.
Also on April 18, escrow closed on a single transaction involving the sale of three separate properties in Vista, CA. The three properties, 2230 Oakridge Way, 2455 Ash Street, and 2465 Ash Street, are all fully occupied single tenant R&D buildings.
The buildings total of 134,121 sf. The two Ash Street properties have been owned by the company since 1996, and Oakridge Way was purchased in 1997. The total sale price for the three buildings of approximately $8.4 million or $62 per sf resulted in a gain of $141,000.
"These properties have performed well for us during our period of ownership," says Peter B. Bedford, chairman of the board and chief executive officer. "The disposition of these assets is consistent with our strategy of selling selected properties in order to optimize the composition of our portfolio. These sales will allow us to continue to pursue our core strategies."
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