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DCT Industrial Package Yields Another $21M

DALLAS-The 480,000-sf Pinnacle C, the last part of the 100%-leased package, pulls about $21.5 million from TA Associates just weeks after Hines pays $42.8 for the first chunk.

By Connie Gore | Updated on June 19, 2008

DALLAS-DCT Industrial REIT has passed the 480,000-sf Pinnacle C to Boston-based TA Associates Realty. Sources say the fully leased cross-dock in Pinnacle Park commanded about $21.5 million at the closing table.

The distribution center at 4038 Rock Quarry Rd. is the last piece of a portfolio sale by the Denver-based REIT. Conor Feeney, associate for CB Richard Ellis in Dallas, tells GlobeSt.com TA topped five other institutional investors vying for the real estate, which is leased to Central Garden & Pet Co. of Dallas and International Truck & Engine Corp. of Warrenville, IL. The local company has a lease running until 2017 for 120,000 sf of the building while the Illinois engine company controls 360,000 sf until 2015.

Feeney, CBRE’s point man for the sale, says the deal took four months to reach the closing table because the seller had it in a cross-collateralized loan and had to substitute another property into the pool in order to carve out Pinnacle C. TA Associates laid cash on the table, “stepping up the pricing” to score the win in a one-off transaction for a separate account client, according to Feeney.

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