The Las Vegas property, its first in the area, is a 98,324-sf, two-building service flex complex in the Las Vegas Airport (McCarran International) submarket at 5720 to 5740 South Arville St. Acquired for $10.9 million, the property was shell complete in 2002 and is therefore still in the initial lease up phase. The two-building complex is currently 87% leased to 20 tenants and is projected to generate a first year cash yield in excess of 9.2%.

"We have been looking at the Las Vegas market for some time and have found a well located recently developed flex product that fits our portfolio quite well," says Bedford chairman and CEO Peter Bedford. "The Las Vegas market has been experiencing strong growth in all sectors of the real estate market for the last 10 to 15 years, and we believe that the demographics are such that it will continue to grow."

In Tempe, AZ, Bedford acquired Roosevelt Commons, a four-building, 151,830-sf R&D and warehouse complex for $7.8 million, or approximately $51 per sf. The property, which consists of three R&D buildings and a bulk distribution building, is fully leased to eight tenants and will generate a first year cash yield in excess of 9%. The buildings are located in the Broadway Business Park in Tempe at 530 West Alameda Dr. and 2611, 2625 and 2631 South Roosevelt St.