PS Business Parks flexes Dallas buy

DALLAS – PS Business Parks Inc. has purchased 245,000 sf of flex space in the Valwood submarket in nine multitenant flex buildings. The company paid $12.4 million for the acquisition of these properties.

Currently 83.5 percent leased, the buildings, located adjacent to parks owned by the company, have an average tenant size of 6,400 sf of space.

Earlier in fourth quarter 2013, PS Business Parks bought four multitenant flex parks with a four-acre parcel in Dallas. The assets, aggregating 559,000 sf, were acquired for $27.9 million. The occupancy was 72.1 percent at the time of acquisition.

The buyout included the purchase of 303,000 sf of space in the Valwood submarket. The most recent acquisition enhanced the company’s flex space in the Valwood submarket to 548,000 sf.