PS Business Parks sells 12 buildings in Texas for $93M

Mar. 30, 2022 4:10 PM ETBlackstone Inc. (BX)By: Jessica Kuruthukulangara, SA News Editor
  • PS Business Parks (NYSE:PSB) said Wednesday it sold the remaining 12 buildings in the Royal Tech Business Park in Irving, Texas.
  • The gross sales price for the remaining buildings was $93M, with net sales proceeds of ~$91.9M after transactions costs.
  • The net sale proceeds from this sale are available for a Section 1031 exchange should PSB identify asset(s) that meet its investment criteria.
  • PSB continues to seek opportunities to grow through infill industrial property acquisitions in its core markets.

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