The acquisition is the REIT's second in the market. It already owns a 222,122-sf distribution center in the nearby Mallard Lakes industrial park in Hanover Park. "The Wickes building is designed to appeal to a range of distribution customers," says Dividend Capital Trust vice president of acquisitions Greg Skirving. "Plus, it is located in an infill market that has minimal land available for future development. These attributes position it well for future rent growth and appreciation."
NAI Hiffman executive vice president John F. Cash, SIOR and vice president Stephen J. Connolly represented Dividend Capital Trust in negotiations with Ryan Cos. vice president Daniel Levitt. Cash and Connolly represented Wickes in its 2004 lease of the building, located on 25 acres with 60 exterior docks and parking for 120 trailers.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
