Presidio Property Trust Announces Sales of Union Town Center and Research Parkway Properties
Presidio Property Trust (NASDAQ: SQFT) has announced the successful sale of its Union Town Center and Research Parkway properties, a multi-building retail center located in Colorado Springs, Colorado. The properties, acquired through off-market transactions in 2014 and 2015, maintained a strong 98% occupancy rate.
The decision to sell was influenced by strong capital market interest in retail properties and the center's strategic location in north Colorado Springs' growing region. The sale was facilitated by JLL's Denver office, marking the successful completion of Presidio's business plan for these properties.
Presidio Property Trust (NASDAQ: SQFT) ha annunciato la riuscita vendita delle sue proprietà Union Town Center e Research Parkway, un centro commerciale multi-edificio situato a Colorado Springs, Colorado. Le proprietà, acquisite tramite transazioni off-market nel 2014 e 2015, hanno mantenuto un forte 98% di tasso di occupazione.
La decisione di vendere è stata influenzata dal forte interesse del mercato dei capitali per le proprietà commerciali e dalla posizione strategica del centro nella crescente regione a nord di Colorado Springs. La vendita è stata facilitata dall'ufficio di JLL a Denver, segnando il completamento con successo del piano aziendale di Presidio per queste proprietà.
Presidio Property Trust (NASDAQ: SQFT) ha anunciado la exitosa venta de sus propiedades Union Town Center y Research Parkway, un centro comercial de múltiples edificios ubicado en Colorado Springs, Colorado. Las propiedades, adquiridas a través de transacciones off-market en 2014 y 2015, mantuvieron una sólida tasa de ocupación del 98%.
La decisión de vender fue influenciada por el fuerte interés del mercado de capitales en propiedades comerciales y la ubicación estratégica del centro en la creciente región del norte de Colorado Springs. La venta fue facilitada por la oficina de JLL en Denver, marcando la exitosa finalización del plan de negocio de Presidio para estas propiedades.
프레시디오 자산 신탁 (NASDAQ: SQFT)은 콜로라도 스프링스에 위치한 유니온 타운 센터와 리서치 파크웨이 부동산의 성공적인 매각을 발표했습니다. 이 다중 건물 소매 센터는 2014년과 2015년에 시장 외 거래를 통해 인수되었으며 98%의 임대율을 유지했습니다.
판매 결정은 소매 부동산에 대한 강한 자본 시장의 관심과 콜로라도 스프링스 북부의 성장하는 지역에 있는 센터의 전략적 위치에 영향을 받았습니다. 이번 매각은 덴버에 있는 JLL 사무소에 의해 원활하게 진행되었으며, 프레시디오가 이 부동산을 위한 사업 계획을 성공적으로 완료하게 되었습니다.
Presidio Property Trust (NASDAQ: SQFT) a annoncé la vente réussie de ses propriétés Union Town Center et Research Parkway, un centre commercial multifonctionnel situé à Colorado Springs, Colorado. Les propriétés, acquises par le biais de transactions hors marché en 2014 et 2015, ont maintenu un taux d'occupation de 98%.
La décision de vendre a été influencée par un fort intérêt du marché des capitaux pour les propriétés commerciales et l'emplacement stratégique du centre dans la région en plein essor du nord de Colorado Springs. La vente a été facilitée par le bureau de JLL à Denver, marquant l'achèvement réussi du plan d'affaires de Presidio pour ces propriétés.
Presidio Property Trust (NASDAQ: SQFT) hat den erfolgreichen Verkauf seiner Immobilien Union Town Center und Research Parkway bekannt gegeben, einem Mehrgebäude-Einkaufszentrum in Colorado Springs, Colorado. Die Immobilien, die 2014 und 2015 durch Off-Market-Transaktionen erworben wurden, hatten eine hohe Belegungsrate von 98%.
Die Verkaufsentscheidung wurde durch das starke Interesse des Kapitalmarkts an Einzelhandelsimmobilien und die strategische Lage des Zentrums in der sich entwickelnden Region im Norden von Colorado Springs beeinflusst. Der Verkauf wurde durch das Büro von JLL in Denver unterstützt und markiert den erfolgreichen Abschluss des Geschäftsplans von Presidio für diese Immobilien.
- Property maintained high occupancy rate of 98%
- Successful execution of business plan through property sale
- Strategic location in growing market area
- None.
Insights
The strategic divestment of Union Town Center and Research Parkway properties represents a well-timed exit from the Colorado Springs retail market for Presidio Property Trust. The 98% occupancy rate achievement is particularly noteworthy in the current retail landscape, where many shopping centers struggle with tenant retention. This high occupancy level likely contributed to securing an attractive valuation for the assets.
The decision to sell aligns with sophisticated portfolio management strategies, as it allows SQFT to potentially: 1) Lock in gains from the property's appreciation over the 9-10 year holding period, 2) Redeploy capital into markets or properties with higher growth potential and 3) Strengthen its balance sheet in a higher interest rate environment. The successful execution of the full investment cycle - from off-market acquisition to value-add improvements and finally disposition - demonstrates management's capability in creating shareholder value through tactical real estate operations.
Colorado Springs' robust population growth and the property's strategic location in the northern sector suggest the timing of this sale is opportunistic, capitalizing on peak market interest before potential market softening. For investors, this transaction signals management's active approach to portfolio optimization and ability to recognize optimal exit points, though the actual impact on SQFT's financial position will depend on the undisclosed sale price and deployment of proceeds.
SAN DIEGO, Feb. 07, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: SQFT; SQFTP; SQFTW) Presidio Property Trust, Inc. (“Presidio” or the “Company”), an internally managed, diversified real estate investment trust, today announced the sale of its Union Town Center and Research Parkway properties, comprising a multi building retail center in Colorado Springs, Colorado.
“We acquired this well-located center in two separate off-market transactions in 2014 and 2015, and continued to upgrade the property and maintained occupancy close to its current
“Continued occupancy strength throughout the last few years and strong population growth in Colorado Springs helped us execute on our strategy to successfully sell these properties,” said Jack Heilbron, President and Chief Executive Officer.
The Denver office of Jones Lang LaSalle Americas, Inc. (“JLL”) represented the Company in this transaction.
About Presidio Property Trust
Presidio is an internally managed real estate investment trust with holdings in model home properties, which are triple net leased to homebuilders, and office, industrial, and retail properties. Presidio’s model homes are leased to homebuilders located in Arizona, Texas, and Florida. Presidio’s office, industrial, and retail properties are located primarily in Colorado, with properties also located in Maryland, North Dakota, Texas, and Southern California. For more information on Presidio, please visit Presidio’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 Presidio’s present expectations, but these statements are not guaranteed to occur. Except as required by law, Presidio 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 Presidio’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
This press release was published by a CLEAR® Verified individual.
FAQ
What properties did Presidio Property Trust (SQFT) sell in February 2024?
What was the occupancy rate of SQFT's Colorado Springs retail properties before the sale?
When did SQFT originally acquire the Colorado Springs retail properties?
Which firm represented SQFT in the Colorado Springs property sale?
