PS Business Parks Buys Florida Property

PS Business Parks, Inc. purchased two facilities in Florida for a total purchase price of $46.5 million, the company announced. Glendale-based PS owns office and industrial space in eight states. The two new properties in Florida have a total size of 398,000 square feet. Wellington Commerce Park in Wellington consists of 18 single-story buildings with 146 tenants and was 98 percent occupied at the time of acquisition. The park includes 46,100 square feet of mini-warehouse space. Boca Commerce Park in Boca Raton consists of five single-story buildings with 86 tenants and was 95 percent occupied at the time of acquisition. The park includes 24,000 square feet of mini-warehouse space. In connection with the acquisition, PS Business Parks assumed three mortgages with an aggregate principal balance of $23.8 million.