GLENDALE, Calif. -- (Business Wire)
PS Business Parks, Inc. (NYSE:PSB) announced that on November 21, 2014,
it completed the sale of three business parks located in Phoenix,
Arizona. The parks consist of 42 buildings comprising approximately
656,000 square feet. Occupancy at the date of sale was 86.8%. Net
proceeds from the sale, after transaction costs, were approximately
$52.2 million. The Company has one remaining 23,000 square foot asset in
Tempe, Arizona, which is under contract to sell.
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 November 21, 2014, the Company wholly owned
28.4 million rentable square feet with approximately 4,700 customers
located in eight states, concentrated in California (11.5 million sq.
ft.), Texas (5.1 million sq. ft.), Virginia (4.0 million sq. ft.),
Florida (3.9 million sq. ft.), Maryland (2.3 million sq. ft.),
Washington (1.5 million sq. ft.), Oregon (0.1 million sq. ft.) and
Arizona (23,000 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.
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