SAN FRANCISCO-RREEF Real Estate sold itsNorthern California industrial portfolio, some 5.3 million squarefeet. The sale was completed by RREEF America REIT II Corp. and itsaffiliate Northern California Industrial Portfolio Inc.

The buyer, PS Business Parks Inc., a publicreal estate investment trust based in Glendale, CA, paid $520million for the package, according to a company statement. Theportfolio consists of 45% warehouse and 55% higherfinish flex space. There are 26 projects included in the dealacross a range of locations in the San Francisco Bay Area.

In a statement from PS Business Parks, Inc., company presidentand chief executive officer, Joseph D. RussellJr., observed, “This portfolio acquisition significantlyenhances PSB’s presence in Northern California, providing a strongconcentration of parks in markets that are poised for continuedrecovery.” In the same release, the company revealed that it nowowns 7.2 million square feet of multi-tenant industrial and flexspace in 30 business parks in Northern California.