PS Business Parks Inc. (NYSE: PSB) has sold three business parks in Montgomery County: Metro Park North, Meadows Business Park and WesTech Business Park.
The three parks, which include 28 buildings and 1.3 million square feet, sold for $148.8 million, according to a press release. The buyer is DCS Partners LLC, a partnership between Doug Donatelli and Nick Smith.
The seller, which is based in Glendale, Calif., kept a single building out of the portfolio: a 113,000-square-foot building at Metro Park North with a single government tenant.
Metro Park North is located at 7529 Standish Place in Rockville, and WesTech and Meadows are adjacent at 12510 Prosperity Drive in Silver Spring. The sale follows the sale of another large portfolio of business parks by Office Properties Income Trust (NASDAQ: OPI) in the Greater Washington region in February.
Tenants of the buildings include the U.S. Government, MedStar Health, Children’s Hospital, Adventist Health Care, Intelligent Automation,…Read the full story from the Washington Business Journal.