PS Business Parks, Inc. Acquires 543,000 Square Foot Multi-Tenant Industrial Park in Southern California
September 05 2019 - 5:40PM
Business Wire
PS Business Parks, Inc. (NYSE:PSB) announced that effective
today it has acquired Hathaway Industrial Park (the “Park”) located
in Santa Fe Springs, California, for a purchase price of $104.0
million. The Park consists of ten buildings totaling 543,000 square
feet situated on 27 acres of land and is 100% occupied with suites
ranging from 5,000 to 288,000 square feet.
The Park is located in a prime last-mile location in the heart
of the Los Angeles Mid-Counties submarket with access to strong
demographics of over 6 million people within a 15-mile radius. The
Los Angeles Mid-Counties submarket has limited supply, high demand,
strong rent growth and according to CBRE, market vacancy of 1.5%.
The Park has outstanding street visibility with immediate access to
I-605, I-5, I-105 and SR-91.
This acquisition is complementary to the Company’s existing Los
Angeles portfolio totaling 1.7 million square feet with weighted
average occupancy of 96.8% since January 1, 2017. Combining the
Park with the Company’s existing parks creates a Los Angeles
industrial portfolio totaling 2.2 million square feet.
The acquisition was funded with cash on hand and a draw from the
Company’s credit facility.
Company Information
PS Business Parks, Inc., a member of the S&P MidCap 400, is
a REIT that acquires, develops, owns and operates commercial
properties, primarily multi-tenant industrial, flex and office
space. As of September 5, 2019, the Company wholly owned 28.8
million rentable square feet with approximately 5,100 commercial
customers in six states and held a 95.0% interest in a 395-unit
apartment complex.
Additional information about PS Business Parks, Inc. is
available on the Company’s website which can be found at
psbusinessparks.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190905006016/en/
Jeff Hedges (818) 244-8080, Ext. 1649
PS Business Parks (NYSE:PSB)
Historical Stock Chart
From Mar 2024 to Apr 2024
PS Business Parks (NYSE:PSB)
Historical Stock Chart
From Apr 2023 to Apr 2024