Rob Socci and Louis Tomaselli of the Anaheim Metro office of Voit Commercial Brokerage represented the buyer and the seller, the locally based Orange County Business Center LP. Socci says the deal closed in 35 days, which he describes as unusually quick for a transaction of its size.

The business park consists of 437,000 sf in five low-rise, multi-tenant office buildings at 1221-1261 E. Dyer Rd. in a part of Santa Ana that includes other office and R&D developments. The property, which fronts the 55 (Newport) Freeway, was approximately 73% occupied at the time of the sale. About 26% of the office space on the leases expire between now and Dec. 31. The largest tenant is National Water and Power, with 55,415 sf or about 13% of the park.

The buildings, built in 1984, are all two-story structures of concrete, glass and block, leased to office and research and development users. The seller had owned the park since April 1998.

The acquisition expands the REIT's presence in Orange County to 1.5 million sf and takes the overall portfolio in Southern California to approximately 3.6 million sf. Nationally, PS Business Parks owns about 14.9 million sf of rentable space in eight states, concentrated primarily in California, Texas, Oregon, Virginia and Maryland.