Presidio Property Trust Announces Major Lease Extension in North Dakota Portfolio
Presidio Property Trust (NASDAQ:SQFT, SQFTP) announced a significant lease renewal with Fredrikson & Byron, P.A. at its Dakota Center in Fargo, North Dakota. This long-term extension highlights Presidio's commitment to retaining tenants amid challenging economic conditions. The company has invested heavily in upgrading the property, enhancing its appeal. Additionally, a major renovation is set to commence to cater to tenant needs. This deal reflects Presidio's strategic management of its diversified real estate portfolio, primarily in Texas and Florida.
- Successful lease renewal with Fredrikson & Byron, enhancing tenant retention.
- Significant investments made in property improvements at Dakota Center.
- Planned major renovations to meet tenant needs, indicating long-term commitment.
- None.
SAN DIEGO, CA / ACCESSWIRE / October 24, 2022 / Presidio Property Trust, Inc. (NASDAQ:SQFT)(NASDAQ:SQFTP), an internally managed, diversified real estate investment trust ("REIT"), announced the lease renewal by Fredrikson & Byron, P.A., a Minnesota-based law firm, at its Dakota Center property located in Fargo, North Dakota.
"We are pleased that Fredrikson & Byron chose to extend its occupancy at Dakota Center on a long-term basis," said Jack Heilbron, President and Chief Executive Officer. "Retaining our customers is of critical importance to Presidio, particularly given the currently challenging economic landscape."
"Presidio has invested significantly in improvements to Dakota Center since our acquisition, and this lease extension is a testament to our efforts. Fredrikson & Byron and Presidio will be commencing a major renovation of the premises to ensure our tenant's needs will be met far into the future," said Gary Katz, Chief Investment Officer.
Jim Buus and Brittaney VanderHagen of JBC Commercial Real Estate represented Presidio in this transaction.
About Presidio Property Trust
Presidio is an internally managed, diversified REIT with holdings in model home properties which are triple-net leased to homebuilders, office, industrial, and retail properties. Presidio's model homes are leased to homebuilders located primarily in Texas and Florida. Our office, industrial and retail properties are located primarily in Colorado, with properties also located in Maryland, North Dakota, Texas, and Southern California. While geographical clustering of real estate enables us to reduce our operating costs through economies of scale by servicing a number of properties with less staff, it makes us susceptible to changing market conditions in these discrete geographic areas, including those that have developed as a result of COVID-19. Presidio is also the sponsor of the Special Purpose Acquisition Company (SPAC) Murphy Canyon Acquisition Corp. (NASDAQ:MURF), which currently holds approximately
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and other federal securities laws. Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as "believe," "expect," "anticipate," "intend," "estimate," "may," "will," "should" and "could." Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. Except as required by law, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" section of the Company's documents filed with the SEC, copies of which are available on the SEC's website, www.sec.gov.
Investor Relations Contact:
Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
LHartkorn@presidiopt.com
Telephone: (760) 471-8536 x1244
SOURCE: Presidio Property Trust
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