SAN JOSE, Calif. (AFX) - Water distributor SJW Corp. said late Friday it purchased a Phoenix, Arizona warehouse for just under $12.5 million.
It said the property was leased to a multinational company for 13 years. SJW paid for the property using proceeds from a 2004 nonutility property condemnation settlement and a $3.8 million loan.
SJW provides water to approximately nine million people in the San Jose area.
Shares of its stock rose 95 cents, or 3.9 percent, to close earlier at $25.45 on the New York Stock Exchange.
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