Bedford Closes Sale of Texas Properties

LAFAYETTE, CA-Bedford Property Investors Inc. has closed on the sale of five Texas properties totaling 311,000-sf for $26.6 million.

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.