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SOUTH SAN FRANCISCO-Bedford Property Investors, an equity REIT, has purchased a fully leased, three-building complex in South San Francisco for approximately $22 million, bringing the company’s holdings in the South San Francisco industrial submarket to nearly 400,000-sf.

Bedford Property paid nearly $196 per sf for a 112,384-sf, three-building service flex complex at 800 to 890 Dubuque Avenue in South San Francisco. The buildings are fully leased to fifteen tenants.

According to Bedford Property, the property will generate a first year cash yield in excess of 9.5%. In addition to this new property the company owns four other properties in the area, bringing its total operating holdings in the submarket to nearly 400,000-sf.

“The tenant base, along with the freeway exposure and the already existing high concentration of biotech facilities in this submarket, gives this property high growth potential,” says Peter B. Bedford, Chief Executive Officer and Chairman of the Board of Bedford Property Investors, Inc.

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