PS Business Parks, Inc., a Glendale, CA-based REIT focused on multi-tenant flex, office and industrial space, announced this week that it had completed the sale of two business parks in Beaverton, Oregon for $159.9 million. With representation from Eastdil Secured, PS Business Parks sold the properties to an unnamed buyer; terms of the deal were also not disclosed. After the sale, PS Business Parks 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.
The first property, Cornell Oaks Corporate Center, was master-planned in 1982 and previously sold in 2002 for $87.5 million. The 12-building corporate park was the biggest deal of the year for Norris Beggs & Simpson in 2001. Talcott Realty I Limited Partnership had owned Cornell Oaks since 1995 and put it up for sale in November 2000. The second property, Creekside Corporate Park, is one of the largest business parks in the Portland metropolitan area with close to 525,000 square feet of Class A office and flex space. Occupancy of the portfolio at the date of sale was 89.6%, according to a press release.
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