PS Business Parks Inc. has acquired Northern Virginia Industrial Park and Fullerton Industrial Park in Springfield for $143.3 million. The portfolio includes 19 buildings with 1.1 million square feet situated on 65 acres of land.
According to PS Business Parks, a real estate investment trust based in Glendale, Calif., the portfolio is 76 percent occupied with an average customer size of 6,800 square feet.
The buildings are located in the Springfield/Newington industrial submarket where the company already owns three industrial parks totaling 606,000 square feet with an historical average occupancy of 95 percent since 2000.
