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PS Business Parks nets $42M from sale of Calif. business park

Diversified real estate investment trust PS Business Parks Inc. closed the sale of Corporate Pointe Business Park in Orange County, Calif., for net proceeds of roughly $41.7 million.

The park comprises five multitenant office buildings that span about 160,000 square feet in aggregate. The buildings were 97.6% occupied at the time of the sale.

The property was part of 705,000 rentable square feet of office space in the area that the company had previously earmarked for sale.