PS Business Parks Pays $104 Million for Santa Fe Springs Property

Glendale’s PS Business Parks Inc. has acquired Hathaway Industrial Park in Santa Fe Springs for $104 million, the company announced Friday. The acquisition was funded with cash and a draw from the company’s credit facility. Hathaway, located at 11821 Florence Ave., consists of 10 buildings totaling 543,000 square feet on 27 acres of land. The industrial park is 100 percent occupied with suites ranging from 5,000 to 288,000 square feet. The acquisition brings PS Business Parks’ Los Angeles industrial portfolio to 2.2 million square feet. Shares of PS Business Parks (PSB) closed Friday up 7 cents, or less than one percent, to $180.66 on the New York Stock Exchange.