PS Business Parks, Inc. (NYSE:PSB) announced today that it has completed the acquisition of Port America, a 717,735 square foot multi-tenant industrial park located in Dallas, Texas, for a total purchase price of $123.0 million.
Port America consists of 15 buildings with an average customer size of 8,000 square feet and was approximately 96% occupied at closing. The park is strategically located immediately adjacent to DFW International Airport on fee simple land. The park is uniquely positioned to provide institutional quality industrial space to small and medium size users seeking a premium location, 26 foot clear heights, ample dock loading, and access to key freeways serving DFW Airport and the Dallas Metroplex. The park is complementary to PSB’s existing industrial and flex portfolio in Dallas, totaling 3 million square feet.
“Port America fits perfectly with our small bay industrial investment strategy. The combination of dock served suites averaging 8,000 square feet, fee simple land in an irreplaceable location and our best in class local operating platform should result in strong long term growth for our stockholders,” said Mac Chandler, President and CEO of the Company.
The acquisition was funded in-part with $72 million of 1031 exchange proceeds generated from the previously announced dispositions of Park East and Monroe business parks in Northern Virginia, and the remainder of the acquisition price was funded with cash on hand.
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’ 97 properties serve approximately 5,000 tenants, in 28 million square feet as of August 24, 2021. The portfolio also includes 800 residential units (inclusive of units in-process).