PS Business Parks Buys Springfield Industrial Portfolio For $143M
The acquisition was funded from proceeds from a 1031 exchange.
SPRINGFIELD, VA–California REIT PS Business Parks has acquired a 1.1-million-square foot industrial portfolio here for $143.3 million. Namely, it has picked up the Northern Virginia Industrial Park and Fullerton Industrial Park, a portfolio that consists of 19 buildings situated on 65 acres of land. The portfolio is 76% occupied with an average customer size of 6,800 square feet.
The acquisition was funded with 1031 exchange proceeds from three previously announced dispositions and cash on hand.
The company already owns three industrial parks totaling 606,000 square feet with an historical average occupancy of 95% since 2000 in the Springfield/Newington industrial submarket.
These new parks bring PS Business Parks’ industrial portfolio to a total of 1.7 million square feet, for a 11% submarket concentration. The company plans to reposition the new properties with various capital upgrades.
“This acquisition enhances PSB’s industrial presence in Northern Virginia,” said CEO Maria R. Hawthorne, in a prepared statement. “We have a strong team in place ready to execute on our strategy of building and leasing small-bay industrial suites.”