Escondido, CA (PRWEB) December 31, 2012
NetREIT, Inc., a Maryland REIT with headquarters in Escondido, California, has announced that on October 10, 2012, as part of a 1031 Exchange through an affiliated limited partnership, it has completed the sale of the property located at 850 West Mission Avenue in the City of Escondido, County of San Diego, California to an unrelated third-party purchaser for the sales price of $1,939,000. The property was leased and operating as a 7-Eleven and NetREIT had purchased the West Mission property in August 2006 for $1,400,000.
NetREIT also announced that in furtherance of the 1031 Exchange, on November 30, 2012, it completed the acquisition of The Presidio. This transaction was completed through a recently formed limited liability company affiliate pursuant to a Purchase & Sale Agreement entered into as of July 5, 2012, from the seller, Presidio Bethesda, LLC, a Delaware limited liability company. The property is located at 1155 Kelly Johnson Boulevard in the City of Colorado Springs, El Paso County, Colorado for the sales price of $7,275,000.
NetREIT CEO, Jack Heilbron, had this to say: “We believe that this sale and acquisition will strengthen our portfolio and provide a strong cash flow for our stockholders. These latest business transactions exemplify our commitment to aggressively move forward when a profitable opportunity arises.”
The Presidio is a four-story, 80,801 square foot building that was constructed in 1985 and is located in the North I-25 submarket proximate to the community of Briargate. The Presidio is currently 77% leased to twenty tenants. The Presidio is considered prime real estate because it is within fifteen minutes of the Colorado Springs Central Business District, twenty minutes from Colorado Springs Municipal Airport, and forty-five minutes from The Denver Technological Center in Denver.
A REIT or Real Estate Investment Trust uses the capital invested by numerous shareholders to purchase real estate, usually income-producing property comprised of office buildings, shopping centers, storage facilities, and apartment complexes. One of the most beneficial aspects of owning a REIT is that corporations or trusts which operate as a REIT typically do not pay federal corporate income tax to the IRS. In order to qualify for this special tax status, the REIT must distribute 90% of its taxable income to its shareholders.
For more information, please visit: NetREIT
About NetREIT, Inc.
Established in 1999 as a contrarian investment firm, NetREIT seeks out property acquisitions with hidden value. This can either involve financially distressed entities or those with property that is undervalued because of its poor condition.