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Bedford Property Pays $11M for Industrial Site

GILBERT, AZ-The Lafayette, CA-based REIT gets an 86,300-sf building on 11.1 acres, with four acres entitled for another 53,000 sf of industrial development. The seven-year-old building is fully leased to Kulicke & Soffa Industries for the next eight years.

By Jennifer D. Duell | Updated on October 14, 2004

GILBERT, AZ-Lafayette, CA-based Bedford Property Investors has dropped $11.2 million for an 86,300-sf manufacturing building on 11.1 acres along North Fiesta Boulevard. The building is 100% leased to Kulicke & Soffa Industries.

The tenant, a major supplier of semiconductor assembly equipment, tools and materials, is holding a lease with another eight years on the term, says Mike Parker of Colliers International who represented the seller, Phoenix-based CRPB Investors. The Colliers team included Paul Sieczkowski, Rob Martensen and Bob Broyles.

As part of the 1150 N. Fiesta Blvd. sale, CRPB Investors worked with Kulicke & Soffa Industries to amend the existing lease to allow new development on four acres. “The site was under-improved,” Parker says. With the lease amendment, Bedford will be able to develop as much as 53,000 sf of industrial space.

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