The properties were sold in two separate transactions. Included in the sale was the three-story, 83,000 sf Great Hills Trail office building in Austin; three flex buildings totaling 159,000-sf, also in Austin; and the Ferrell Drive property, located in Farmers Branch, consisting of a 69,000-sf flex property and an adjacent 1.4 acre undeveloped land parcel.

The sales--which resulted in a gain of approximately $2.05 million, or 11 cents a share--completes Bedford's strategy to exit the Texas and Kansas City markets and redeploy the proceeds toward paying down debt, buying back stock, and funding new developments. Bedford is now re-positioned in the western markets, with an emphasis on service center high tech flex products for industrial and office users, and is actively seeking more acquisitions.

Bedford also recently completed the sale of nine properties totaling 463,000 sf in the Kansas City Area. The aggregate $31.3 million sales resulted in a gain of approximately $0.25 per share.