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Retail Center Sale Represents Wider Divestment for Presidio Trust
Last week’s sale of Waterman Plaza, a retail center located in San Bernardino, demonstrates the execution of Presidio Trust’s strategy of divesting from retail properties and commercial properties located in California, says Jack Heilbron, president and CEO of Presidio Property Trust Inc.
“As a result of this sale, we will also make a reduction in our debt, another element of our long-term strategy,” he pointed out.
With last year’s third-quarter long-term lease renewal of anchor tenant Goodwill Industries, Waterman Plaza became a more attractive property for acquisition, says Gary Katz, Presidio asset management VP.
“In spite of the many challenges posed by COVID-19, we continue to see investor appetite for well-located commercial real estate with a strong tenant base,” he observed.
Presidio was represented by Fouy Ly of Kidder Mathews and the buyer was represented by Mehran Foroughi of NAI Capital, both located in Irvine, Calif.
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- ◦Sale/Acquisition
