PS Business Parks Inc. (PSB) recently completed the sale of a 177,000-square foot flex park named Westchase Corporate Park, comprising 13 buildings located in Houston, Texas, for $9.8 million.
The company also announced the acquisition of a 45,500-square foot flex building within its Miami International Commerce Center in Miami, Florida, for $3.5 million. The single-story building is currently 33.3% occupied. With this transaction, the company now owns 3.3 million square feet of space in Miami with an overall occupancy of 96.2%. Furthermore, PS Business Parks is continuing with its portfolio repositioning program as it focuses on higher growth markets characterized by better job and rent growth prospects.
PS Business Parks Inc. is a self-managed equity real estate investment trust (REIT) that owns, acquires, develops, and operates commercial real estate properties across eight states in the U.S. Over the years, the company has invested and owned real estate properties in diversified markets, thereby catering to multiple industries and minimizing the risks associated with the economic uncertainties.
The company seeks to maximize its cash flow by controlling capital expenditures related to re-leasing of space, through the acquisition of properties with easily reconfigured space that appeals to a wide range of tenants. PS Business Parks boasts one of the strongest balance sheets in the sector with minimal debt maturities and adequate liquidity, which provides it with an operating flexibility to protect and enhance market positions by capitalizing on improving real estate market fundamentals.
PS Business Parks currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Brandywine Realty Trust (BDN) also holds a Zacks #3 Rank.
BRANDYWINE RT (BDN): Free Stock Analysis Report
PS BUSINESS PKS (PSB): Free Stock Analysis Report
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment