PS Business Parks, Inc. Announces Sale of Portland, Oregon, Assets
October 01 2014 - 5:53PM
Business Wire
PS Business Parks, Inc. (NYSE:PSB) announced that on October 1,
2014 it completed the sale of two business parks, Cornell Oaks
Corporate Center and Creekside Corporate Park, both located in
Beaverton, Oregon. The parks consist of 18 buildings comprising
approximately 1.2 million square feet. Occupancy at the date of
sale was 89.6%. Net proceeds from the sale, after transaction
costs, were approximately $159.9 million. The Company has one
remaining 102,000 square foot business park in Portland, Oregon,
that it also intends to sell and, when complete, the Company will
no longer own assets in Oregon.
In conjunction with the sale, the Company announced that Coby
Holley, who has served as the Company’s Divisional Vice President
of the Pacific Northwest since 2003, will now lead the Company’s
investment efforts as Vice President of Acquisitions and
Dispositions.
The Company was represented in the sale by Eastdil Secured.
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 October 1, 2014, the Company wholly owned 28.8 million
rentable square feet with approximately 5,140 customers located in
eight states, concentrated in California (11.5 million sq. ft.),
Texas (4.8 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.), Arizona (0.7 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.
PS Business Parks, Inc.Edward A. Stokx(818) 244-8080, Ext.
1649
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