PS Business Parks has closed on the sale of the remaining 12 buildings in the Royal Tech Business Park, located in Irving, Texas. The new owner was not disclosed.
The gross sales price for the remaining buildings was $93.0 million, with net sales proceeds of approximately $91.9 million after transactions costs.
“At 702,000 square feet, this sale represents the final phase in the strategic disposition of the Royal Tech Business Park which originally totaled 794,000 square feet across 14 buildings. This sale is a significant milestone in the company’s continued and focused strategy to decrease its ownership of office and office-oriented flex properties,” said Steve Wilson, interim president and CEO of PS Business Parks.
The company continues to seek opportunities to grow through infill industrial property acquisitions in its core markets. The net sale proceeds from this sale are available for a Section 1031 exchange should the company identify assets that me
