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PS Business Parks buys 2 assets in Calif., sells 1 in Md.


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PS Business Parks buys 2 assets in Calif., sells 1 in Md.

Diversified real estate investment trust PS Business Parks Inc. purchased two properties in California and sold an office property in Maryland.

On Dec. 20, 2019, the company paid $16.6 million to acquire the nine-building, 79,400-square-foot San Tomas Business Center in Santa Clara, Calif. The property, which is 96% occupied, includes suites ranging from 200 square feet to 3,500 square feet.

On Jan. 10, the company acquired the five-building, 73,400-square-foot La Mirada Commerce Center in La Mirada, Calif., for $13.7 million. The building contains suites ranging from 1,200 square feet to 3,000 square feet, and was 100% occupied at the time of the acquisition.

On Jan. 7, the company sold the single-tenant, 113,000 square foot Metro Park IV in Rockville, Md., for $30.0 million.

The three transactions will qualify as 1031 exchanges for tax purposes, the company said.