REIT Hawks Office-Industrial Portfolio for $30M

PHOENIX-Bedford Property Investors Inc. of LaFayette, CA, has sold a six-property portfolio, totaling 272,383 sf, for $30 million.

The portfolio consists of two office buildings, two R&D/flex properties, a bulk industrial facility and three acres adjacent to another industrial/flex property. In addition, “four of the five operating properties are single-tenant buildings,” says Peter B. Bedford, chairman and CEO for the REIT. “The sale is consistent with our goals of creating value for our stockholders.” Due to the holiday, executives could not be reached for comment about the deal or the buyer.

The office component includes a 60,321-sf building at 8125 N. 23rd Ave. Built in 1983, it is situated on 9.68 acres. The other office property is a 57,193-sf building at 1355 Clearview Ave. in Mesa. The seven-year-old structure sits on 5.2 acres.

On the industrial side, there are three properties in Tempe: a 44,244-sf warehouse on 4.19 acres at 2601 W. Broadway Rd.; 71,345-sf bulk warehouse on 4.6 acres at 4645 S. 35th St.; and three acres along West Third Street. The smaller building was developed in 1977 and expanded in 1983 and the larger one rose in 1988 and added onto in 1995. The industrial space includes a 39,280-sf building, developed in 1985 on 2.4 acres at 10232 S. 51st St. in Phoenix.