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PS Business Parks Picks Up Flex-Office Park

SANTA CLARA, CA-The publicly held office and industrial REIT from Glendale pays $39.1 million for a 251,000-sf, low-rise multi-tenant park here called Commerce Campus.

By Brian K. Miller | Updated on March 29, 2007

SANTA CLARA, CA-Commerce Campus, a multi-tenant flex-office park here has changed hands for $39.1 million in cash, including transaction costs. The new owner, publicly held PS Business Parks of Glendale, says the 251,000-sf development consists of 11 one- and two-story buildings that are 79.8% leased to 73 tenants.

The sale closed March 27. The identity of the seller was not immediately available. PS Business Parks did not return a phone all seeking additional detail on the acquisition, the company’s second so far this year. In February, PS paid $76 million for Overlake Business Center, a 493,000-sf multi-tenant office and flex business park in Redmond, WA, with 27 one- and two-story buildings that were 90% leased to 171 tenants.

Through the first three months of 2007, PS has completed $115 million of acquisitions. In 2006, the company’s total acquisition activity was $180 million, up from $35 million in 2005 and $24 million in 2004.

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