Zacks Equity Research
On Nov 21, PS Business Parks Inc. (PSB – Analyst Report), the Glendale, CA-based Equity-Real Estate Investment Trust (“REIT”) announced the vending of three business parks in Phoenix, AZ. This move is in sync with the company’s strategy to shed off its Arizona assets. The company has plans to sell the remaining 3,000 square foot of property in Tempe, AZ later.
The three parks sold by PS Business Parks included 42 buildings, covering around 656,000 square feet and having an occupancy rate of 86.8%. After excluding transaction costs, net proceeds accrued from this sale amounted to around $52.2 million. The company will likely utilize the funds for acquiring high-yielding assets.
