PS Business Parks, Inc. Announces Sale of Orange County Business Center in Orange County, California
April 18 2018 - 7:40PM
Business Wire
PS Business Parks, Inc. (NYSE:PSB) announced that on April 18,
2018 it completed the sale of Orange County Business Center located
in Orange County, California. The park consists of five
multi-tenant office buildings comprising approximately 437,000
square feet, which were 84.9% occupied at the date of sale. Net
proceeds from the sale, after transaction costs, were approximately
$73.3 million. After closing on this sale, the Company has
107,000 square feet remaining of the 705,000 square feet of office
product in Orange County, California, previously disclosed as held
for sale.
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 31, 2018, the
Company wholly owned 27.9 million rentable square feet with
approximately 4,900 commercial 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180418006651/en/
PS Business Parks, Inc.Maria R. Hawthorne(818) 244-8080, Ext.
1370
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