PS Business Parks Announces Sale Of Portland, Oregon, Assets For $160 Mln

(RTTNews) - PS Business Parks Inc (PSB), a real estate investment trust, Wednesday completed the sale of two business parks, Cornell Oaks Corporate Center and Creekside Corporate Park, both located in Beaverton, Oregon, for net proceeds of about $160 million.

The parks consist of 18 buildings comprising approximately 1.2 million square feet. Occupancy at the date of sale was 89.6%. The Company has one remaining 102,000 square foot business park in Portland, Oregon, that it also intends to sell and, when complete, the company will no longer own assets in Oregon.

In conjunction with the sale, the company announced that Coby Holley, who has served as the company's divisional vice president of the Pacific Northwest since 2003, will now lead its investment efforts as vice president of Acquisitions and Dispositions.

The Company was represented in the sale by Eastdil Secured.