Port America is now under new ownership by a California-based company.

Entrepreneur reported that PS Business Parks Inc. acquired Port America in a $123 million deal, which will advance PS Business Parks' “small bay industrial investment strategy”.

“PS Business Parks (PSB) Boosts Portfolio With Port America Buyout,” Business Watchdog wrote in a Sept. 2 Twitter post.

The project is located near the Dallas-Fort Worth International Airport, according to Rebusiness Online, and features spaces in various sizes, extensive dock loading and access to major freeways servicing the DFW Airport and the Dallas Metroplex.

The acquisition is expected to boost the company's position during the improving industrial market in the U.S., but increasing supply is also makes intensify competition more likely, according to Entrepreneur. 

According to Rebusiness Online, the 717,735-square-foot industrial development consists of 15 buildings with an average customer size of 8,000 square feet and 96% of the project was leased at the time of the sale.

The seller has not yet been disclosed.