SANTA CLARA AND LA MIRADA, CALIF. — PS Business Parks (PSB) has completed the acquisition of two business parks in California for a total consideration of $30.3 million. The purchases will qualify as 1031 exchanges for tax purposes.
On Dec. 20, 2019, PSB purchased San Tomas Business Center in Santa Clara for $16.6 million. Totaling 79,400 square feet, the park features nine buildings offering suites ranging from 200 square feet to 3,500 square feet. At the time of closing, the property was 96 percent occupied.
Additionally, PSB acquired La Mirada Commerce Center in La Mirada on Jan. 10 for $13.7 million. The five-building park offers a total of 73,400 square feet, with suites ranging from 1,200 square feet to 3,000 square feet. At the time of closing, the property was 100 percent occupied.
The names of the sellers were not released.