Benzinga | Aug 18, 2021 08:32AM EDT

Presidio Property Trust Announces Acquisition Of Houston Commercial Property; Terms Not Disclosed

(NASDAQ:SQFTP) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed, diversified real estate investment trust ("REIT"), today announced the closing of a commercial property in Houston, Texas in an all-cash acquisition.

"We are pleased to announce our acquisition of a newly-built franchised Kiddie Academy location in an affluent area of fast-growing Houston. Kiddie Academy is one of the leading childcare franchises in the country. This quality asset, which is driven by non-discretionary spending in a fast-growing city, fits well with our growth strategy," said Jack Heilbron, Chief Executive Officer and President of Presidio.

Gary Katz, Senior Vice President of Asset Management, added, "With a triple-net structure, steady annual rent increases, and credit enhancement over the 15-year lease, we expect to see a steady cash flow from this property. As the property was built this year, we also anticipate a relatively low level of capital expenditures while owning this property."

The property was sold by an affiliate of the Woodmont Company. Presidio was represented by Matt Burnett of Hanley Invest Group