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REIT Expands Local Portfolio With $20M Buy

CAROL STREAM, IL-Denver-based Dividend Capital Trust buys the 439,421-sf distribution center at 250 S. Gary Ave., leased last year to Wickes Furniture Co., its second property in the market.

By Mark Ruda | Updated on January 31, 2005

CAROL STREAM, IL-Ryan Cos. sold its 439,421-sf distribution center, leased to Wickes Furniture Co., Inc., for $20.1 million to Denver-based Dividend Capital Trust. Along with Employee Benefit Real Estate Fund, Minneapolis-based Ryan Cos. owned the property for nearly five years, remodeling and expanding the building at 250 S. Gary Ave.

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.”

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