PS Business Parks Adds 1.1M SF in Virginia

Glendale, CA-based PS Business Parks, Inc. acquired a pair of Springfield, VA assets, Northern Virginia Industrial Park (9022 Lockport Pl. pictured right) and Fullerton Industrial Park (7401 Fullerton Rd. pictured left), for a total purchase price of $143.3 million. The portfolio consists of 19 buildings aggregating 1.1 million square feet, situated on 65 acres of land. The portfolio is 76% occupied, with an average customer size of 6,800 square feet.

The parks are located in the Springfield/Newington industrial submarket, where the company already owns three industrial parks totaling 606,000 square feet. Combining the new parks with the existing parks creates an industrial portfolio totaling 1.7 million square feet, a healthy 11% submarket concentration. PS Business Parks plans to reposition the new properties with various near-term capital upgrades, and integrate its marketing and operating strategies in order to improve occupancy.

The acquisition was funded with 1031 exchange proceeds generated from three previously announced dispositions and cash on hand.

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Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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PS Business Parks Adds 1.1M SF in Virginia

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PS Business Parks Adds 1.1M SF in Virginia

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About Dennis Kaiser