PS Business Parks, Inc. Announces Sale of Three Business Parks in Maryland
PS Business Parks, Inc. (NYSE:PSB) announced that on October 8, 2019 it completed the sale of three business parks located in Montgomery County, Maryland: Metro Park North, Meadow Business Park and WesTech Business Park. The parks, consisting of 28 buildings totaling approximately 1.3 million square feet, sold for a gross sales price of $148.8 million. The Company retained one single-tenant government building totaling 113,000 square feet and a long-term ground lease at Metro Park North.
Company Information
PS Business Parks, Inc., a member of the S&P MidCap 400, is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of October 8, 2019, the Company wholly owned 27.5 million rentable square feet with approximately 4,900 commercial customers in six states and held a 95.0% interest in a 395-unit apartment complex.
Additional information about PS Business Parks, Inc. is available on the Company's website, which can be found at psbusinessparks.com.
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