The board of diversified real estate investment trust Presidio Property Trust advised shareholders to reject a tender offer launched by MacKenzie Capital Management LLP-controlled SCM Special Fund 3 LP to purchase up to 1.6 million shares of its series A common stock at $2.60 per share.

The board argued, among other things, that the offer represents an opportunistic attempt to make a profit by purchasing the company's stock at a very low price relative to its value.

The offer expires at 11:59 p.m. PT on July 20, unless otherwise extended.