PS Business Parks Closes $43M Buy

AUSTIN, TX-PS Business Parks Inc. has acquired a portfolio of 13 multi-tenant flex buildings for $42.9 million in an all-cash transaction.

The portfolio, which totals 704,000 square feet, is 88.1% leased with an average customer size of 15,900 square feet, according to the Glendale, Calif.-based REIT, which was a spin-off from Public Storage Inc. The acquisition adds three new business parks to the company’s existing portfolio in Austin, while expanding its presence in an existing business park.

With the acquisition, PS Business Parks’ Austin portfolio totals 1.5 million square feet of multi-tenant flex space in nine separate business parks. It made another large acquisition in Austin in 1999 when it acquired 12 buildings totaling 556,000 square feet of space in the Northeast Austin area. The REIT also has a number of assets in Dallas/Fort Worth and Houston.