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KANSAS CITY-Bedford Property Investors REIT has sold its remaining Kansas City areaproperties and has completed a year-long plan to leave the local market.Bedford sold more than 463,000 sf of space, involving nineproperties for a total sales price of $31.1 million. The properties rangedfrom 13,000 to 103,000 sf.

“I think that Bedford had achieved its objectives here, says BruceJackson, regional vice president for the firm. “The company was ableto meet its capital gains goals and is now concentrating on othermarkets in the west and northwest that are more dynamic at this time.”

The majority of the industrial buildings were sold to a pensionfund in California, the office building on College Boulevard to a St.Louis-based partnership and the Didde building to a local privateinvestor, according to Jackson. Bedford, which had been involved in the Kansas City marketplace since1990, had capital gains of approximately $4.6 million on the transactions, or $0.25 per share.

Sold by Bedford were three service center flex buildings, one being theLackman Business Center located in nearby suburban Lenexa, KS and the Panorama Business Center III,located here. The company also sold two bulk warehouses and two industrialbuildings in Lenexa. Rounding out the sale were two buildings inOverland Park, KS, a 99,000 sf office building at 6600College Blvd. and the Didde building at 1087 Benson in CorporateWoods.

“Bedford’s major objective now is to focus on the other markets, expanddevelopment projects and add funds to buy back stocks,” Jackson said.“That is a strategy that has proven successful as a way to improve thevalue to stockholders.”

Bedford Property Investors is a self-administered equity real estateinvestment trust (REIT) based in Lafayette, Calif. The company hasinvestments in suburban office buildings and industrial parks throughoutthe west.

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