June 14, 2018
Glendale, CA-based PS Business Parks, Inc. acquired a pair of Springfield, VA assets, Northern Virginia Industrial Park (9022 Lockport Pl. pictured right) and Fullerton Industrial Park (7401 Fullerton Rd. pictured left), 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 parks are located in the Springfield/Newington industrial submarket, where the company already owns three industrial parks totaling 606,000 square feet. Combining the new parks with the existing parks creates an industrial portfolio totaling 1.7 million square feet, a healthy 11% submarket concentration. PS Business Parks plans to reposition the new properties with various near-term capital upgrades, and integrate its marketing and operating strategies in order to improve occupancy.
The acquisition was funded with 1031 exchange proceeds generated from three previously announced dispositions and cash on hand.
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