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Friday, Mar 29, 2024

PS Business Park’s $30 Million Property Trade

PS Business Parks Inc. has purchased two business parks and sold one single-tenant office building, the company announced Monday. The Glendale real estate investment trust said the transactions would qualify as 1031 exchanges for tax purposes. In December, the company bought San Tomas Business Center in the Silicon Valley city of Santa Clara for $16.6 million. The park consists of nine buildings totaling 79,400 square feet. It was 95 percent leased at the time of sale. Earlier this month PS Business Parks paid $13.7 million for La Mirada Commerce Center in La Mirada. The property has five buildings totaling 73,400 square feet and was 100 percent occupied at closing. Also earlier this month, the company sold Metro Park IV, a single-tenant 113,000-square-foot office building in Rockville, Md., for $30 million. Shares of PS Business Parks (PSB) closed Monday down 48 cents, or a fraction of a percent, to $170.85 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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