Jun 15, 2022 (ACCESSWIRE via COMTEX) -- SAN DIEGO, CA / ACCESSWIRE / June 15, 2022 / Presidio Property Trust, Inc. /zigman2/quotes/219955796/composite SQFT -1.21% /zigman2/quotes/227285037/composite SQFTP +0.17% (the "Company"), an internally managed, diversified real estate investment trust ("REIT"), announced the commencement of tenant improvement construction for its new tenant, DISH Wireless LLC, at its Genesis Plaza office building in San Diego, California.
"We are pleased to welcome DISH Wireless to our San Diego office building, where they will locate adjacent to our corporate headquarters," said Jack Heilbron, President, and Chief Executive Officer. "Attracting such a strong credit tenant as DISH is a testament to the high-quality business environment we have achieved at Genesis Plaza, and which we strive for at all the properties in our portfolio."
"DISH Wireless is leasing more than 6,000 square feet at Genesis Plaza, which has raised the occupancy at the property to 96%. This lease exemplifies the strong leasing activity we are seeing throughout our portfolio," said Gary Katz, Chief Investment Officer.
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. (MURFU), which currently holds approximately $140 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. The SPAC intends to focus on companies in the real estate industry, including construction, homebuilding, real estate owners and operators, arrangers of financing, insurance, and other services for real estate, and adjacent businesses and technologies targeting the real estate space with an aggregate combined enterprise value of approximately $300 million to $1.2 billion. 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 " Risk Factors" section of the Company's documents filed with the SEC, copies of which are available on the SEC's website, www.sec.gov .
Investor Relations Contacts:
Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
Telephone: (760) 471-8536 x1244
SOURCE: Presidio Property Trust