PS Business Parks, Inc. Acquires 1.1 Million Square Foot Multi-Tenant Industrial Portfolio in Northern Virginia
June 08 2018 - 5:01PM
Business Wire
PS Business Parks, Inc. (NYSE:PSB) announced that effective
today it has acquired Northern Virginia Industrial Park and
Fullerton Industrial Park both located in Springfield, Virginia,
for a total purchase price of $143.3 million. The portfolio
consists of 19 buildings aggregating 1.1 million square feet
situated on 65 acres of land. The portfolio is 76% occupied with an
average customer size of 6,800 square feet.
The 19 buildings are located in the Springfield/Newington
industrial submarket where the Company already owns three
industrial parks totaling 606,000 square feet with an historical
average occupancy of 95% since 2000. Combining the new parks with
the Company’s existing parks creates an industrial portfolio
totaling 1.7 million square feet, a healthy 11% submarket
concentration. The Company plans to reposition the new properties
with various near-term capital upgrades and integrate the Company’s
proven marketing and operating strategies in order to improve
occupancy.
“This acquisition enhances PSB’s industrial presence in Northern
Virginia,” said Maria R. Hawthorne, President and CEO of the
Company. “The location is superb as it is adjacent to Fort Belvoir
and just south of the Pentagon in a densely populated area with
excellent access to transportation. We have a strong team in place
ready to execute on our strategy of building and leasing small-bay
industrial suites. We are confident that these properties will
achieve the same occupancy and rent growth we have accomplished in
our other locations in this market.”
The acquisition was funded with 1031 exchange proceeds generated
from three previously announced dispositions and cash on hand.
Company Information
PS Business Parks, Inc., a member of the S&P SmallCap 600,
is a real estate investment trust (“REIT”) that acquires, develops,
owns and operates commercial properties, primarily multi-tenant
industrial, flex and office space. As of June 8, 2018, the Company
wholly owned 28.3 million rentable square feet with
approximately 4,900 commercial customers concentrated in six states
and a 95.0% interest in a 395-unit apartment complex.
Additional information about PS Business Parks, Inc. is
available on the Internet. The Company’s website is
psbusinessparks.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180608005766/en/
PS Business Parks, Inc.Maria R. Hawthorne(818) 244-8080, Ext.
1370
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