LBA Realty to Acquire Bedford Property

Irvine-based LBA Realty agreed to buy Bedford Property Investors Inc., an owner of properties on the West Coast and in the Rocky Mountain states, for about $435.4 million in cash to expand its holdings in the two regions.

Closely held LBA will pay $27.21 a share for the Bay Area real estate investment trust, Bedford said in a statement. The price is 11% above Bedford’s Friday closing price of $24.53.