Search
 

Dividend Capital Acquires Midwest Industrial

DENVER-The locally headquartered REIT pays $67 million for 1.2 million sf of fully-leased industrial space in six properties in Ohio and Minnesota.

By Brian K. Miller | Updated on November 28, 2006

DENVER-Dividend Capital Total Realty Trust Inc. has acquired a 1.15 million-sf Midwest industrial portfolio for $67.3 million. The locally headquartered REIT acquired the fully leased portfolio in a joint venture with DCT Industrial Trust Fund II LLC that is in the process of acquiring $150 million on industrial real property assets. The JV has under contract an as yet unspecified $80-million acquisition that it expects to close on before the end of the year.

The Midwest industrial portfolio is 100% leased to a variety of corporate tenants, including Conagra Foods, DHL and Hitachi. According to SEC filings, the largest of the three Ohio properties is Rickenbacker IV, a 330,179-sf development in Columbus that is leased to Essilor of America, Airborne Freight and Cole Vision and was acquired for $14.7 million. The others are Park West Q, a 198,600-sf development was acquired for $10.9 million and is leased to Hitachi Transport, Pre-Flex and Cincinnati Machine, and Park West L, a 150,1000-sf development acquired for $8.2 million and leased to IDI and Owens and Minor Distribution.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.