PS Business Parks Inc. said it bought a 704,000-square foot portfolio of office park properties in Austin, Texas for $42.9 million.

The Glendale real estate investment trust said it paid cash for the properties. The deal, which closed April 21, includes 13 separate buildings in three business parks with multi-tenant flex space, which means it can be adapted for either warehouse or office use. The REIT said in addition to the three new locations, the acquisitions also expand its presence in a park where it already owns property. The entire portfolio is about 88 percent leased.

PS Business Parks said it now owns 20.5 million rentable square feet in eight states.

Shares were up 31 cents, or less than 1 percent, to $59.90 in midday trading on the New York Stock Exchange.