PS Business Parks Buys Properties

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PS Business Parks Inc. said it acquired two assets in Palm Beach County Florida for a combined purchase price of $46.5 million.


The Glendale real estate investment trust said the properties, totaling more than 400,000 square feet of total space, will be managed by storage property management company Public Storage Inc., also based in Glendale. The acquisition was an all cash purchase and was initiated on Dec. 8.

The first location is Wellington Commerce Park, a 263,000 square foot multi-tenant park in Wellington, Fla. just outside West Palm Beach. The park has 18 single-story buildings and was 98.8 percent occupied at the time of acquisition.


The second property is Boca Commerce Park, a 135,000 square foot multi-tenant park in Boca Raton. This property has five single-story buildings with 86 flex tenants. The park was 95.9 percent occupied at the time of acquisition.


Shares in PS Business Parks were up 82 cents in trading Thursday.

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