DFW Airport business park fetches $123 million in sale
2 Sep 2021
A business park north of DFW International Airport has sold for $123 million.
The Port America industrial campus has 15 buildings near State Highway 114 in Grapevine. California-based PS Business Parks Inc. purchased the more than 717,000-square-foot business park.
The warehouse and distribution buildings were built between 1981 and 2002 and were previously owned by Stockbridge Capital. The buildings are 96% occupied.
“Port America fits perfectly with our small bay industrial investment strategy,” PS Business Parks CEO Mac Chandler said in a statement. “The combination of dock-served suites averaging 8,000 square feet, fee-simple land in an irreplaceable location and our best-in-class local operating platform should result in strong long-term growth for our stockholders.”