Pickett Industrial Park is a 246,000 square foot, three-building, multi-tenant infill industrial park. The park is strategically located inside the Capital Beltway near the rapidly redeveloping Van Dorn Corridor, has immediate access to I-95/I-495 and I-395 freeways and is in close proximity to the Pentagon, Fort Belvoir and the US Capital. The acquisition of Pickett Industrial Park complements our seven exiting business parks and increases our footprint to 7% of Alexandria’s industrial inventory. Learn more about Pickett Industrial Park by clicking here.
Pickett Industrial Park was 100% occupied at time of acquisition with one tenant representing 136,000 square feet expected to vacate within 12 months. Our plan is to reposition the park over the next two years by further demising two buildings and in doing so, reducing the average unit size from 41,000 to 11,000 square feet, which will enable us to accelerate leasing and drive rents higher for last mile users inside the beltway. This acquisition is an indication that even in this competitive environment PS Business Parks can still source value-added industrial acquisitions that fit our long-term strategic objectives at attractive yields.
PS Business Parks, Inc., a member of the S&P MidCap 400, is a REIT that acquires, develops, owns, and operates commercial properties, primarily multi-tenant industrial, flex, and office space. As of December 31, 2020, the Company wholly owned 27.7 million rentable square feet with approximately 5,000 commercial customers in six states and held a 95.0% interest in a 395-unit apartment complex.