GLENDALE, Calif. -- (Business Wire)
PS Business Parks, Inc. (NYSE:PSB) announced that on March 5, 2018 it
completed the sale of Corporate Pointe Business Park located in Orange
County, California. The park consists of five multi-tenant office
buildings comprising approximately 160,000 square feet, which were 97.6%
occupied at the date of sale. Net proceeds from the sale, after
transaction costs, were approximately $41.7 million. The Company
previously announced that it had 705,000 rentable square feet of office
product in Orange County, California, held for sale, including this
Corporate Pointe Business Park.
Company Information
PS Business Parks, Inc., a member of the S&P SmallCap 600, is a 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 March 5,
2018, the Company wholly owned 27.9 million rentable square feet with
approximately 4,900 customers concentrated in six states and a 95.0%
interest in a 395-unit apartment complex.
Additional information about PS Business Parks, Inc. is available on the
Internet. The Company’s website is psbusinessparks.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180305006292/en/
Contacts:
PS Business Parks, Inc.
Maria R. Hawthorne
(818) 244-8080,
Ext. 1370
Source: PS Business Parks, Inc.
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