Presidio Property Trust Announces Completion of Sale of Building at Executive Office Park

Rhea-AI Summary

Presidio Property Trust, Inc. (SQFT) announced the successful sale of a 15,220 square foot building located at 1283 Kelly Johnson Boulevard, Colorado Springs, for $2,275,000. This transaction is part of the Executive Office Park complex, which Presidio acquired in 2008. The CEO highlighted strong demand for quality commercial properties in attractive markets. The sale is deemed accretive and defensive, as it reduces overall debt and avoids future tenant improvement costs. Presidio retains ownership of three other commercial properties in Colorado Springs.

Positive

• Sale of 15,220 square foot building for $2,275,000 strengthens cash position.
• Transaction reduces overall debt for the company.
• Avoids potential future costs related to tenant improvements.

Negative

• None.

SAN DIEGO, CA / ACCESSWIRE / December 4, 2020 / Presidio Property Trust, Inc. (Presidio or the Company)( NASDAQ:SQFT), an internally managed, diversified real estate investment trust (REIT), today announced the completion of the sale of 1283 Kelly Johnson Boulevard in Colorado Springs, Colorado, one of the four buildings collectively referred to by the Company as Executive Office Park. Total consideration paid was $2,275,000 for the 15,220 square foot building.

"We are pleased to see continued activity, particularly demand for quality commercial properties in attractive locations," said Jack Heilbron, President and Chief Executive Officer. "We acquired the Executive Office Park complex of buildings in 2008 and have participated in the growth and strength of the Colorado Springs market," said Heilbron. Presidio owns three other commercial properties in Colorado Springs.

"This was an accretive sale, as well as a defensive one, for Presidio," noted Gary Katz, Senior Vice President of Asset Management. "This sale reduced our overall debt and avoided the cost of future tenant improvements that may have been required by new tenants in this building."

Rob Rolley of RE/MAX Commercial in Colorado Springs represented Presidio in this transaction.

About Presidio Property Trust
Presidio is an internally managed, diversified REIT. We own over 130 model home properties located in seven states, primarily in Texas and Florida. The model homes, which are often situated on premium lots and feature built-in buyer options, are leased back to homebuilders on a triple-net basis. Our commercial real estate portfolio consists of approximately 1.1 million square feet comprised of 15 properties: ten office properties, one industrial property and four retail properties. Our commercial portfolio is located in Southern California, Colorado, and North Dakota, and we are currently considering new commercial property acquisitions in additional markets in the United States. Our commercial property tenant base is diversified, which helps limit our exposure to any single industry in which our tenants operate. This geographical clustering of our real estate portfolio enables us to minimize operating costs and leverage efficiencies by managing a number of properties utilizing minimal overhead and staff. For more information on Presidio, please visit the Company's website at https://www.PresidioPT.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including Presidio's plans and strategies as described herein. Readers are cautioned that forward-looking statements (which can be identified by words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters) are subject to numerous risks and conditions, many of which are beyond Presidio's control, including those set forth in the "Risk Factors" section of Presidio's registration statement and prospectus filed with the Securities and Exchange Commission (SEC). Copies are available on the SEC's website, www.sec.gov. The statements in this press release represent Presidio's views only as of the date they are made and should not be relied upon as representing Presidio's views as of any subsequent date. Presidio undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Investor Relations Contacts:
Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
LHartkorn@presidiopt.com
Telephone: +1 (866) 781-7721 x244

TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com

MJ Clyburn
+1-917-327-6847
clyburn@tradigitalir.com

SOURCE: Presidio Property Trust

View source version on accesswire.com:
https://www.accesswire.com/619468/Presidio-Property-Trust-Announces-Completion-of-Sale-of-Building-at-Executive-Office-Park

FAQ

What building did Presidio Property Trust sell recently?

Presidio Property Trust sold a 15,220 square foot building located at 1283 Kelly Johnson Boulevard, Colorado Springs.

What was the sale price of the building sold by Presidio?

The building was sold for $2,275,000.

How does the sale impact Presidio's debt?

The sale reduces Presidio's overall debt.

What properties does Presidio Property Trust still own in Colorado Springs?

Presidio retains ownership of three other commercial properties in Colorado Springs.

What is the significance of the recent sale for Presidio?

The sale is considered both accretive and defensive, as it strengthens cash flow and reduces potential costs.