Two Flex Park Sales Bring in $35M

PRINCE GEORGE’S COUNTY, MD-In a deal resulting in net proceeds of $35 million, PS Business Parks has sold two flex parks totaling over 400,000 sf to an unidentified buyer. As part of the transaction, the Glendale, CA-based REIT repaid a $7.7-million mortgage secured by one of the properties. The money from the dispositions will be allotted to the company’s working capital cache. In Landover, PS Business Parks let go of CenterPointe, a 254,000-sf flex park containing three structures. The office and office flex space facility sits off Interstate 95 and Interstate 495, and carries the addresses of 801, 901, and 1001 Brightseat Rd.

In nearby Largo, the REIT sold the 150,000-sf Largo 95, a two-structure compound containing office, light industrial and warehouse offerings. Located at 1100 and 1200 Mercantile Lane, Largo 95 also boasts a location within close proximity of I-95 and I-495. At the time of the transaction, CenterPointe and Largo 95 had a combined average occupancy level of 86%.