PS Business Parks Inc. has sold two business parks in Oregon for a total of about $160 million. Cornell Oaks Corporate Center and Creekside Corporate Park, both in Beaverton, comprise 18 buildings with about 1.2 million square feet at 89 percent occupancy. The Glendale real estate investment trust said it has one remaining 102,000-square-foot business park in Portland, Ore., that it also intends to sell. Afterwards, it will no longer own assets in the state. PS Business Parks owns 28.8 million rentable square feet with about 5,100 customers in eight states. A 39-unit apartment building in Studio City has traded hands for more than $9.5 million. The 34,000-square foot building at 4250 Coldwater Canyon Ave. was purchased by Raintree Partners of Laguna Niguel from a company associated with Essex Property Trust, a large Palo Alto investor in multifamily properties. The building was fully occupied at the time of sale, according to Jim Fisher, principal at the LA North/Ventura office of Lee & Associates, who represented both sides. “Raintree Partners, a long-term investor in major coastal California markets, has been very active in this area, and owns several nearby properties, so this asset will be a good fit for the company’s portfolio,” Fisher said in a statement. The building is next door to Sportsmen’s Lodge, which has undergone a renovation. Lee Principal Mike Smith also represented both sides in the deal.
