SAN DIEGO, CA / ACCESSWIRE / May 27, 2021 / Presidio Property Trust (NASDAQ: SQFT), a diversified and internally managed real estate investment trust, today announced the sale of its Highland Court and Executive Office Park properties. Highland Court, a two-story office building in Centennial, Colorado, was sold on May 20, 2021. In addition, Presidio sold its remaining three buildings to Executive Office Park, a four-building office complex in Colorado Springs, Colorado, May 21. , 2021. The sale of Executive Office Park of one of the four buildings was previously announced and closed in a separate transaction in December 2020.
“With recent renovations to Highland Court, such as a practice facility and lounge, this property was well placed for sale,” said Jack Heilbron, President and CEO. “The continued occupying force throughout the pandemic and the booming housing market in Colorado Springs has helped us execute our strategy to successfully sell Executive Office Park.
“We acquired Executive Office Park in 2008 and Highland Court in 2015,” said Gary Katz, senior vice president of asset management. “We are pleased with the way we have been able to acquire, manage and exit these properties, and the strength of the Denver and Colorado Springs markets throughout our holding.”
Riki Hashimoto of Newmark Knight Frank represented Presidio in the Highland Court transaction. SVN Denver Commercial’s Troy Meyer and Kevin Matthews represented Presidio in the Executive Office Park transaction.
About Presidio Property Trust
Presidio is a diversified and internally managed REIT with interests in model homes that are triple net leased to home builders, office, industrial and commercial buildings. Presidio model homes are leased to home builders located primarily in Texas and Florida. Our office, industrial and commercial buildings are located primarily in Colorado, with properties also located in North Dakota and Southern California. While the geographic consolidation of real estate allows us to reduce our operating costs through economies of scale by servicing a number of properties with fewer staff, it makes us vulnerable to changing market conditions in these geographies. distinct, including those that have developed as a result of COVID-19[FEMININEFormoreinformationaboutPresidipleasevisitthecompanywebsiteat[FEMININEPourplusd’informationssurPresidioveuillezvisiterlesiteWebdelasociétéàl’adressehttps://www.PresidioPT.com.
Caution Regarding Forward-Looking Statements
This press release contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act. of 1934, as amended and other federal securities laws. Forward-looking statements are statements that are not historical, including statements regarding the intentions, beliefs, expectations, representations, plans or forecasts of management for the future, and are generally identified by words such than “believe”, “expect”, “anticipate”, “intention”, “estimate”, “can”, “will”, “should” and “could”. Since these statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied in these forward-looking statements. These forward-looking statements are based on the current expectations of the company, but there is no guarantee that such statements will occur. In addition, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes. Investors should not place undue reliance on forward-looking statements. For more information on factors that may affect results, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2021 and elsewhere. company documents filed with the SEC, copies of which are available on the SEC’s website, www.sec.gov.
Investor Relations Contacts:
Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
Phone: (760) 471-8536 x1244
SOURCE: Presidio Property Trust, Inc
See the source version on accesswire.com: