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SANTA CLARA, CA-Commerce Campus, a multi-tenant flex-office park here has changed hands for $39.1 million in cash, including transaction costs. The new owner, publicly held PS Business Parks of Glendale, says the 251,000-sf development consists of 11 one- and two-story buildings that are 79.8% leased to 73 tenants.

The sale closed March 27. The identity of the seller was not immediately available. PS Business Parks did not return a phone all seeking additional detail on the acquisition, the company’s second so far this year. In February, PS paid $76 million for Overlake Business Center, a 493,000-sf multi-tenant office and flex business park in Redmond, WA, with 27 one- and two-story buildings that were 90% leased to 171 tenants.

Through the first three months of 2007, PS has completed $115 million of acquisitions. In 2006, the company’s total acquisition activity was $180 million, up from $35 million in 2005 and $24 million in 2004.

As of Dec. 31, PS owned approximately 11.5 million sf of flex space, 3.9 million sf of industrial space and 3.3 million sf of office space. The weighted average occupancy rate throughout 2006 was 93.4% and the average realized rental revenue per sf was $14.37.

In Northern California, the company owns 1.56 million sf that was 94.6% leased as of Dec. 31. Realized rent per sf in 2006 was $13.27, down 2.1% from 2005.Rental income from the properties in 2006 was $18.85 million, down 0.6% from 2005. The cost of operating its Northern California properties in 2006 was $5 million, an increase of 9% from 2005. Its NOI from Northern California in 2006 was $13.85 million, down 3.8% from 2005.

“This region includes Sacramento, South San Francisco, the East Bay and the Silicon Valley submarkets that had been affected by high vacancy due in part to failed technology companies,” the company states in its annual report. “Economic conditions in the Silicon Valley submarkets began to show some signs of recovery [in 2006] as demand for space increased and rents started to stabilize.”

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