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California REIT Pays $17M for Two-Tenant Asset

SCOTTSDALE, AZ-Bedford Property Investors bulks up its Arizona office portfolio with the $17.3-million purchase of the fully leased 9060 E. Via Linda. A recent preferred equity offering enabled the Lafayette, CA-based REIT to partially finance the acquisition.

By Lee Simmons | Updated on April 06, 2004

SCOTTSDALE, AZ-Lafayette, CA-based Bedford Property Investors has taken another plunge into Phoenix-area office investment–this time with the $17.3-million purchase of 111,200-sf office building along East Via Linda here. The REIT closed the deal for the 1985-constructed, two-story building with El Segundo, CA-based Summit Commercial Properties Inc.

“We liked the location, we liked the tenants and the stability of the property,” Stephen Silla, a senior vice president with Bedford, tells GlobeSt.com. “The office market is fairly stabilized. We like buying properties like this with good credit and long-term tenants.”

The fully leased 9060 E. Via Linda sits on about eight acres close to Loop 101. Bedford paid approximately $156 per sf in the deal and expects a first-year cash yield of 9.06%. The building is home to two tenants: Century Insurance and PCS Health.

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