GLENDALE, Calif. -- (Business Wire)
PS Business Parks, Inc. (NYSE:PSB) announced that on December 30, 2014,
it acquired Orchard Business Park, an eight-building, 119,000 square
foot multi-tenant flex park in San Jose, California, for $16.0 million.
The park, which is 96.7% occupied, is contiguous to the Company’s
existing 164,000 square foot Charcot Business Park, which is 100.0%
occupied. Orchard Business Park has 54 tenants with an average size of
2,100 square feet. The acquisition increases the Company’s presence in
the Bay Area to 7.2 million square feet, comprised of 30 business parks
located throughout the East Bay, Mid-Peninsula and Silicon Valley
markets, which is currently 95.8% leased.
Joseph D. Russell, Jr., President and Chief Executive Officer,
commented, “Orchard Business Park is a great addition to PSB’s vibrant
Bay Area portfolio, where the Company serves the needs of over 930
customers that are attracted to our well located portfolio of flex,
office and industrial parks. With 80% of the leases at Orchard Business
Park expiring over the next 24 months, we anticipate meaningful demand
from both existing and new customers along with strong rental rate
appreciation, consistent with the performance of our Bay Area parks.”
Company Information
PS Business Parks, Inc., a member of the S&P SmallCap 600, is a
self-advised and self-managed real estate investment trust (REIT) that
acquires, develops, owns and operates commercial properties, primarily
multi-tenant flex, office and industrial space. The Company defines
“flex” space as buildings that are configured with a combination of
office and warehouse space and can be designed to fit a number of uses
(including office, assembly, showroom, laboratory, light manufacturing
and warehouse space). As of December 30, 2014, the Company wholly owned
28.6 million rentable square feet with approximately 5,000 customers
located in seven states, concentrated in California (11.6 million sq.
ft.), Texas (5.1 million sq. ft.), Virginia (4.0 million sq. ft.),
Florida (3.9 million sq. ft.), Maryland (2.4 million sq. ft.),
Washington (1.5 million sq. ft.) and Oregon (0.1 million sq. ft.).
Additional information about PS Business Parks, Inc. is available on the
Internet. The Company’s website is www.psbusinessparks.com.
Contacts:
PS Business Parks, Inc.
Edward A. Stokx, (818) 244-8080, Ext. 1649
Source: PS Business Parks, Inc.
© 2024 Canjex Publishing Ltd. All rights reserved.