SAN DIEGO-As part of the disposition of pieces of its portfolio, Bedford Property Investors Inc. has sold off one of its Southern California office properties. The Lafayette, CA-based, publicly traded REIT has sold a property known as Scripps Wateridge to an unnamed investor. The property fetched $24.7 million and counts 123,853 sf in two buildings. Also, included in the sale, were 4.3 acres of adjacent undeveloped land. The sale resulted in a GAAP gain on sale of approximately $8.9 million, according to a Bedford Property Investors company report.As reported earlier this week on, Bedford Property Investors disposed of eight other buildings this month for a combined sale price of $127 million, netting itself a GAAP gain of $50 million. Six of the properties are in Northern California and two are in Seattle, WA. In the San Diego sale, Bedford Property Investors disposed of the buildings at 6925 and 6965 Lusk Blvd. that it had acquired in 1997 for $16.85 million. Bradford Property has said little about the transactions, providing the sale price, size and location of the assets but omitting the name of the buyer, vacancy rate and major tenants. In a released statement, Peter B. Bedford, chairman and CEO of Bradford Property said “this property has performed well for us during our period of ownership. As part of our ongoing evaluation of a broad range of strategic alternatives, we determined that the sale of this property at this time is consistent both with that evaluation and with our goal of creating value for our stockholders. We are continuing to evaluate the strategic alternatives available to us as and when they may arise.” In late September, Bedford said he is evaluating the company’s “strategic alternatives” including the potential sale or merger of our company.” Another option was the sale of certain of its 100 or so buildings, the proceeds from which would either be reinvested or doled out as dividends. “We are fielding inquiries to purchase a number of our properties…,” the company states in a November SEC filing. “We are also reviewing inquiries and indications of interest for the sale of the entire company.” Earlier this week, analyst David Shulman of Lehman Brothers, gave an “underweight” rating on Bedford Property Investors. He pointed to the recent sales by the company and said he expected the group to sell more assets before the end of the year. He also said that Bedford Property Investors is likely to pay a special dividend of $2-$3 per share after the disposals.

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