PS Business Parks has acquired Port America, an industrial asset totaling 717,735 square feet in Grapevine, Texas, for $123 million from Stockbridge Capital Group. The park was 96 percent occupied at the time of the sale.
The buyer funded the acquisition with cash in addition to the $72 million in proceeds from selling Monroe Business Center in Herndon, Va., along with Park East business park in Chantilly, Va., that were part of a 1031 exchange.
The property formerly known as Prologis Port America last traded in 2017, when Stockbridge purchased the property from Prologis, according to Tarrant County records.
Located on 50 acres at 749 Port America Place, the 15-building flex industrial park was built between 1978 and 1997, CommercialEdge data shows. Port America features 26-foot clear heights along with building depths of between 80 and 136 feet. The multi-tenant asset has suites ranging between 3,250 and 30,000 square feet. The property’s roster includes IES Residential, Accelerated and Platinum Granite, according to CommercialEdge.
The park is located on the north side of Dallas/Fort Worth International Airport, while 20 miles northwest of downtown Dallas. The asset is alongside State Highway 112, a short distance west of its intersection with Highway 121.
Industrial sales nationwide have soared this year, with transactions totaling $30.5 billion through July, according to CommercialEdge. More than $450 million in deals closed within the Dallas-Fort Worth metro alone.
In August, EastGroup Properties paid nearly $90 million for a four-building logistics center less than a mile from Port America. Earlier that month, CBRE Global Investors acquired a 182,129-square-foot industrial asset in the neighboring Southlake submarket.