Escondido, CA (PRWEB) June 18, 2013
NetREIT, Inc., a Maryland REIT with headquarters in Escondido, California, has announced that on May 17, 2013 it completed the sale of the Casa Grande Apartments located in Cheyenne, Wyoming. Working through an affiliated limited partnership, NetREIT concluded the sale for the amount of $1,825,000 to an unrelated purchaser. The Casa Grande Apartments were originally purchased by NetREIT in 1999 for the price of $1,020,000 and were 95% leased at the time of sale.
NetREIT, Inc. has also announced that on May 20, 2013, its affiliated limited partnership completed the acquisition of the self-storage property formerly known as National Storage Center located at 42654 N. 10th Street West in Lancaster, California for the sales price of $3,650,000. The Lancaster property is a self-storage facility consisting of approximately 71,000 square feet with 609 self-storage units on a 3.42 acre parcel of land.
The new property will become part of NetREIT’s Sparky’s Self-Storage brand, which now totals seven self-storage facilities. These seven properties are primarily located in San Bernardino and Riverside Counties just east of Los Angeles.
NetREIT CEO, Jack Heilbron, had this to say, “We are very pleased with this latest sale and acquisition and we believe they will strengthen our portfolio. Though the economy continues to make a slow recovery, NetREIT’s holdings continue to provide solid returns to our stock holders.”
The Maryland-based company has continued to pay quarterly dividends for its stockholders because of sound investment strategies and the ability to take advantage of lucrative opportunities when they arise. NetREIT works under the principle that regardless of current economic conditions, real estate is always a good investment.
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. According to company research, real estate has performed well when measured against major indices.
For more information, please visit: http://www.netreit.com