LAFAYETTE -- Bedford Property Investors Inc. has acquired an 111,200 sq.-ft. office building at 9060 East Via Linda in Scottsdale, Ariz.
The purchase price was $17,310,000, or approximately $156 per sq. ft. The property is 100% leased to two tenants and is expected to generate a first year cash yield of 9.06%.
"This acquisition brings our total operating holdings in Arizona to 24 properties and 1,834,000 sq. ft. The purchase of this property is consistent with our strategy of acquiring stabilized assets in markets with which we are familiar," said Peter B. Bedford, the firm's CEO and chairman of the board. "The purchase of this property was partially funded with the proceeds from our recent preferred equity offering."
Layfayette-based Bedford Property Investors is a self-administered, equity real estate investment trust with investments in suburban office buildings and industrial properties concentrated in the western United States.

Maguire Properties Completes Acquisition of Park Place

LOS ANGELES -- Maguire Properties, a real estate investment trust, has completed its previously announced acquisition of Park Place in Orange County from an affiliate of Blackstone Real Estate Advisors.
The purchase price was $260 million, including the assumption of the existing mortgage and mezzanine financing of $164 million and $96 million in cash. The initial yield on costs based upon existing revenue is expected to be approximately 8% on a cash basis and approximately 9% on a GAAP basis.
Park Place is a major mixed-used office campus on 15 acres. It is comprised of a 10-story office tower, six four-story office buildings and a concourse building, located at the intersection of Jamboree Road and the San Diego Freeway in Irvine.

American Safety Products Acquires Majority Interest in LCM Technologies

SAN DIEGO -- American Safety Products Inc., a division of American Fire Retardant Corp., has acquired a majority interest in LCM Technologies Inc.
LCM Technologies is a product development and technology company in the public security sector and inventor of high-level security devices. LCM has teamed with major companies in that industry to deploy what may be the world's first and most secure equipment for transportation and airport security applications.
LCM's product will be used by clients in need of high-performance technology for airport security, domestically and abroad, and other government applications.