PS Business Parks has acquired Northern Virginia Industrial Park and Fullerton Industrial Park for $143.3m. The portfolio, located in Springfield, Virginia, includes 19 buildings totaling 1.1 million sq ft of space on 65 acres of land. The portfolio is 76 percent leased. PS Business Parks intends to reposition the new properties with various near-term capital improvements. The purchase was completed through proceeds from a 1031 exchange generated from three previously announced dispositions and cash on hand.
“This acquisition enhances PSB’s industrial presence in Northern Virginia,” said Maria Hawthorne, President and CEO of PS Business Parks. “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.”
