Presidio Property Trust Announces New Denver Lease

Rhea-AI Summary

Presidio Property Trust has secured a lease agreement with Axia Energy II, LLC for 9,928 square feet at the Shea Center II office building in Highlands Ranch, Colorado. This strategic addition enhances Presidio's tenant roster, as highlighted by CEO Jack Heilbron. The property boasts recent WiredScore and Energy Star certifications, enhancing its appeal in a desirable submarket filled with amenities. The company maintains a diversified portfolio across various states, emphasizing operational efficiency and the potential for growth.

Positive

• Lease agreement with Axia Energy II, LLC for 9,928 square feet enhances tenant roster.
• Shea Center II holds recent WiredScore and Energy Star certifications, boosting property attractiveness.
• Strategically located in Highlands Ranch, offering proximity to restaurants and amenities.

Negative

• None.

SAN DIEGO, CA / ACCESSWIRE / December 12, 2022 / (NASDAQ:SQFT;SQFTP) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed, diversified real estate investment trust ("REIT"), today announced that it has entered into a lease agreement with Axia Energy II, LLC to occupy 9,928 square feet at its Shea Center II office building in Highlands Ranch, Colorado.

"We thank Axia for choosing Presidio's Shea Center II property as its headquarters location," said Jack Heilbron, President and Chief Executive Officer. "Axia is a very important addition to our tenant roster."

"Shea Center II is a truly unique property, located in the desirable Highlands Ranch submarket with many restaurants and amenities located directly across the street," said Gary Katz, Chief Investment Officer of Presidio. "The property's recent WiredScore and Energy Star certifications contribute to Shea Center II's attractiveness to tenants."

Mitch Bradley of CBRE 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 $136 million in trust. Murphy Canyon Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. On November 8, 2022, Murphy entered into a definitive business combination agreement with Conduit Pharmaceuticals Limited, a pharmaceutical company led by highly experienced pharma executives established to fund the development of successful deprioritized clinical assets licensed from large pharmaceutical companies through its exclusive relationships. The closing of the business combination transaction is subject to numerous terms and conditions. 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 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 Company's filings with the SEC, including those under "Risk Factors" therein, 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, Inc.

View source version on accesswire.com:
https://www.accesswire.com/731175/Presidio-Property-Trust-Announces-New-Denver-Lease

FAQ

What is the recent lease agreement involving SQFT and SQFTP?

Presidio Property Trust has entered into a lease with Axia Energy II, LLC for 9,928 square feet at Shea Center II.

When was the lease agreement announced for SQFT?

The lease agreement was announced on December 12, 2022.

What significance does the lease with Axia Energy II have for SQFT?

The lease enhances Presidio's tenant roster and underscores its investment in desirable properties.

What certifications does Shea Center II hold?

Shea Center II has received WiredScore and Energy Star certifications.