PS Business Parks Inc. in Glendale has paid $123 million to purchase Port America, a 717,735-square-foot multi-tenant industrial complex near Dallas.Port America in Grapevine, Texas has 15 buildings adjacent to the Dallas Fort Worth International Airport. The industrial park was 96 percent occupied at closing.“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,” Chief Executive Mac Chandler said in a statement.The deal was funded with cash on hand and the $72 million proceeds from a 1031 exchange when PS Business Parks sold Park East and Monroe business parks in Virginia.Shares of PS Business Parks (PSB) closed Thursday up 5 cents, or a fraction of a percent, to $159.80 on the New York Stock Exchange, while the Dow also closed up a fraction of a percent.
PS Business Parks Buys Texas Complex for $123 Million
