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Monday, Jun 27, 2022

PS Business Parks Buys Texas Complex for $123 Million

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.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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