Bedford Property Unloads Remainder of KC Holdings

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.