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San Jose, CA - SJW Corp. (NYSE:SJW)
announces today that on February 9, 2007, SJW Land Company, SJW Corp.'s
wholly owned subsidiary, purchased an office building, a distribution
facility and approximately 10 acres of adjacent land located in Knoxville,
Tennessee for an aggregate purchase price of approximately $47,625,000.
Such properties are leased to a national clothing retailer for
approximately 20 years. The purchase price was paid using the proceeds
received in connection with nonutility property sales that occurred in the
fourth quarter of 2006, pursuant to Internal Revenue Code Section 1031,
and using borrowed funds of approximately $15,500,000.
SJW Corp. is a publicly traded
holding company headquartered in San Jose, California. SJW Corp., through
its subsidiary San Jose Water Company, provides water service to a
population of approximately a million people in the San Jose and nearby
communities.
Contact:
SJW Corp.
Janelle McCombs, 408-279-7986
Dir. of Real Estate
Suzy Papazian, 408-279-7961
Corp. Secretary/Attorney
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