Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 1923

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 1923
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9.0 million.  The lender will have final say on approval of a purchase offer and closing price, so there can be no guarantee CBRE will be able to achieve a $9.0 million sales price.  Either way, this is a non-recourse loan and will not affect our future cash flow if it sells for less than the loan amount. 

      ● 
      Union Town Center (January 2025) and Research Pkwy (January 2025):  We have listed the properties for sale as of December 31, 2024.  The Company was able to obtain a short term extension with the lenders in order to accommodate the close date for the sale.  The sale took place on February 6, 2025, with a price of $16,950,000 for both UTC and Research Parkway.  Internally, we allocated the purchase price at 80.2% to UTC and 19.8% to Research Parkway, based on total square feet, book value and adjusted book value to the liabilities and assets to be eliminated at the closing.  We received $6.37 million in cash proceeds from the sale and additional funds post-closing from the lender's reserve accounts. 

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      One Park Centre – We have begun exploring refinancing options with our current broker at NorthMarq to pay off the current loan at maturity. The property’s current occupancy is 85.7% and has positive cash flow.  During the year, we have invested approximately $275,000 in building and tenant improvements for the property. 

      59

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      Genesis Plaza – We have begun exploring refinancing options with our current broker at NorthMarq to pay off the current loan at maturity.  The property’s current occupancy is 95.6% and has positive cash flow. During the year, we have invested approximately $74,000 in building and tenant improvements for the property, expanded the space for our tenant Meissner and extended the term of their lease to 2035, and reduced the space used by the Company.  On January 1, 2025, Meissner took possession of the expanded space and Genesis Plaza was 100% leased. 

      ● 
      Shea Center II - We will begin exploring refinancing options with our current broker at NorthMarq to pay off the current loan at maturity during April