PS Business Parks, Inc. Announces Sale of Arizona Assets
November 21 2014 - 5:09PM
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.
PS Business Parks, Inc.Edward A. Stokx(818) 244-8080, Ext.
1649
PS Business Parks (NYSE:PSB)
Historical Stock Chart
From Mar 2024 to Apr 2024
PS Business Parks (NYSE:PSB)
Historical Stock Chart
From Apr 2023 to Apr 2024