The Lafayette, Calif-based equity REIT sold 89,899 sf office building for $20.525 million and a gain of approximately $4.7 million, or 25 cents a share. The building has been owned by Bedford Property Investors since 1996. As usual, the company isn't releasing the name of the buyer, said to be a group of private investors from California.
Boeing was the building's single tenant until the end of 1999. Peter B. Bedford, Chairman of the Board and Chief Executive Officer of Bedford, says the company decided to sell after adding "a great deal of value to the property" by fully leasing the building to three tenants at current market rates.
Bedford Property Investors is a self administered equity real estate investment trust with investments in suburban office buildings and industrial properties concentrated in the western United States.
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