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PS Business Parks purchases Va. industrial portfolio for $143M

Diversified real estate investment trust PS Business Parks Inc. paid $143.3 million to purchase Northern Virginia Industrial Park and Fullerton Industrial Park in Springfield, Va.

The company used 1031 exchange proceeds from its previously announced sales and cash on hand to fund the acquisition of the 76%-occupied, 19-building portfolio, encompassing 1.1 million square feet, on 65 acres of land.