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Glendale REIT Buys Texas Buildings

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PS Business Parks Inc. has purchased three multitenant flex buildings in Austin for $14.9 million. The buildings are adjacent to business parks already owned by the Glendale real estate investment trust, which owns and manages business park properties in eight states. The buildings total 226,000 square feet and are 86 percent leased. The company already has a presence in Austin, with six other business parks owned by the firm. The REIT’s assets are primarily office, industrial and flex buildings, and its portfolio currently includes 28.3 million rentable square feet of property. Shares gained 27 cents, or less than 1 percent, to close Thursday at $64.97 on the New York Stock Exchange.

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