PS Business Parks, Inc. (NYSE:PSB) announced today that it has completed the acquisition of Jupiter Business Park, a 141,178 square foot multi-tenant industrial park located in Plano, Texas, for a total purchase price of $25.5 million.
Jupiter Business Park consists of 5 buildings with an average customer size of 5,600 square feet and was approximately 97% occupied at closing. This acquisition is complementary to PSB’s existing portfolio in Dallas and its market presence in Plano – one of the nation’s fastest growing markets. Located less than 0.5 miles away from Jupiter is Summit Business Park, a 184,000 square foot multi-tenant industrial park.
The acquisition was fully funded with 1031 exchange proceeds generated from the previously announced disposition of Lusk Business Park in San Diego. The Company expects to declare and pay, by year end, a one-time special dividend sourced by a portion of the disposition proceeds.
PS Business Parks, Inc., a S&P MidCap 400 company, is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office. Located primarily in major coastal markets, PS Business Parks’ 96 properties serve approximately 4,900 tenants in 28 million square feet. The portfolio also includes 800 residential units (inclusive of units in-process).