Locally based Meredith, formerly West Coast Realty Investors,listed seven properties for sale at the beginning of August. OnAug. 13, it sold a vacant 66,000-sf light industrial property inVacaville, CA for $2.1 million. The property, which at one timegenerated 8% of the company's gross rental income, has been largelyvacant since August 2001, and completely vacant since October 2002.Meredith said at the time of the sale it expected to recognize again on the sale of approximately $400,000, but only because itwrote down the value of the property by about $1.5 million in 2001.It purchased the property in 1998 for $2.7 million in 1998.

The building it's going to sell in Chino is a 38,554-sf lightindustrial building that was triple-net leased to Daedo AmericanCorporation through April of this year and as of August still owed$90,000 in rent for the first quarter of 2003. The contracted saleprice is $2.3 million. At the beginning of the year, the companylisted its total cost associated with the property at about $1.85million.

Now it appears two more buildings in its 15-property, 800,000-sfportfolio could be headed toward empty. The company filed a reportwith the SEC in early August that said it expects its financialresults to be affected by two properties that house tenantsinvolved in bankruptcies. One of those properties, a 40,000-sflight industrial building in Ontario, CA, is occupied by asubsidiary of Adelphia Communications, which has declaredbankruptcy. The tenant's lease, which runs into 2013, had been paidthrough the end of August, according to the filing. The otherproperty, an 8,900-sf retail property in Fresno, is leased in partthrough 2008 by Wherehouse Entertainment Inc., which declaredbankruptcy in January. In that case as well, the rent had been paidthrough Aug. 31.

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