PS Business Parks Inc. has purchased two business parks and sold one single-tenant office building, the company announced Monday.
The Glendale real estate investment trust said the transactions would qualify as 1031 exchanges for tax purposes.
In December, the company bought San Tomas Business Center in the Silicon Valley city of Santa Clara for $16.6 million. The park consists of nine buildings totaling 79,400 square feet. It was 95 percent leased at the time of sale.
Earlier this month PS Business Parks paid $13.7 million for La Mirada Commerce Center in La Mirada. The property has five buildings totaling 73,400 square feet and was 100 percent occupied at closing.
Also earlier this month, the company sold Metro Park IV, a single-tenant 113,000-square-foot office building in Rockville, Md., for $30 million.
Shares of PS Business Parks (PSB) closed Monday down 48 cents, or a fraction of a percent, to $170.85 on the New York Stock Exchange.