{"id":1004549627,"date":"2021-09-02T04:44:38","date_gmt":"2021-09-02T12:44:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004549627"},"modified":"2022-12-08T17:03:04","modified_gmt":"2022-12-09T01:03:04","slug":"ps-business-parks-pays-123m-for-dallas-industrial-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ps-business-parks-pays-123m-for-dallas-industrial-park\/","title":{"rendered":"PS Business Parks Pays $123M for Dallas Asset"},"content":{"rendered":"
\"\"<\/a>

Port America. Image courtesy of PS Business Parks<\/p><\/div>\n

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.<\/p>\n

The buyer funded the acquisition with cash in addition to the $72 million in proceeds from selling Monroe Business Center<\/a> in Herndon, Va., along with Park East business park in Chantilly, Va., that were part of a 1031 exchange<\/a>.<\/p>\n

The property formerly known as Prologis Port America last traded in 2017, when Stockbridge purchased the property from Prologis, according to Tarrant County records.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Earlier deals<\/h2>\n

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.<\/p>\n

In August, EastGroup Properties paid nearly $90 million<\/a> for a four-building logistics center less than a mile from Port America. Earlier that month, CBRE Global Investors acquired<\/a> a 182,129-square-foot industrial asset in the neighboring Southlake submarket.<\/p>\n","protected":false},"excerpt":{"rendered":"

The buyer funded the purchase with proceeds from two recent 1031 exchange deals.<\/p>\n","protected":false},"author":1763,"featured_media":1004549633,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,22251,21748,21783,21742],"tags":[32956,39939,35708],"class_list":["post-1004549627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-in-focus","category-industrial","category-investment","category-latest","tag-prologis","tag-ps-business-parks-inc","tag-stockbridge-capital-group"],"acf":[],"yoast_head":"\nPS Business Parks Pays $123M for Dallas Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ps-business-parks-pays-123m-for-dallas-industrial-park\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PS Business Parks Pays $123M for Dallas Asset\" \/>\n<meta property=\"og:description\" content=\"The buyer funded the purchase with proceeds from two recent 1031 exchange deals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ps-business-parks-pays-123m-for-dallas-industrial-park\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-02T12:44:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:03:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Port-America-Pics-v2-scaled-e1630534092157-2048x948-1-e1630582390147.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1059\" \/>\n\t<meta property=\"og:image:height\" content=\"793\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ps-business-parks-pays-123m-for-dallas-industrial-park\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ps-business-parks-pays-123m-for-dallas-industrial-park\/\",\"name\":\"PS Business Parks Pays $123M for Dallas Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ps-business-parks-pays-123m-for-dallas-industrial-park\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ps-business-parks-pays-123m-for-dallas-industrial-park\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Port-America-Pics-v2-scaled-e1630534092157-2048x948-1-e1630582390147.jpg\",\"datePublished\":\"2021-09-02T12:44:38+00:00\",\"dateModified\":\"2022-12-09T01:03:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/bd1ef74130b86a7c6013eaa04b08b28d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ps-business-parks-pays-123m-for-dallas-industrial-park\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/ps-business-parks-pays-123m-for-dallas-industrial-park\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ps-business-parks-pays-123m-for-dallas-industrial-park\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Port-America-Pics-v2-scaled-e1630534092157-2048x948-1-e1630582390147.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Port-America-Pics-v2-scaled-e1630534092157-2048x948-1-e1630582390147.jpg\",\"width\":1059,\"height\":793,\"caption\":\"Port America. 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