(Save the date: RealShare Industrial 2012 comes to The Banker's Club, Miami, December 5 - 6.)
Denver-based DCT Industrial Trust Inc. is under contract to purchase a four-asset portfolio totaling 563,000 square feet from a seller DCT declined to identify to GlobeSt.com. According to Matt Murphy, DCT’s CFO, the purchase price for the portfolio was $85.7 million. Three of the class-A, state-of-the-art air-freight buildings are located in the Los Angeles International Airport submarket, and one is located in the Chicago O’Hare International Airport submarket, both of which are prime distribution locations known for their low vacancy rates.
The portfolio is currently 99.6% occupied by eight tenants. The acquisition will bring DCT Industrial’s Southern California total consolidated portfolio to 4.5 million square feet and 99.7% occupied and the company’s Chicago total consolidated portfolio to 4.1 million square feet and 96.3% occupied.
DCT’s deposit on the four buildings went non-refundable in August and is subject only to the loan assumption and standard closing conditions. The off-market transaction is anticipated to close in the fourth quarter of this year.
“We are very pleased to be one step closer to adding these exceptional buildings to our portfolio,” said Phil Hawkins, president and CEO of DCT. “These extremely well-located and irreplaceable assets continue our focus of expanding and upgrading our presence in key markets.”
As GlobeSt.com reported in August, DCT’s efforts to sell off older, non-core assets became the gain of Mayfield Properties LLC as the latter acquired a 1-million-square-foot, 13-property Houston industrial portfolio from the former. The new owner plans spruce-ups to the class B buildings with plans to push rents as leases roll.
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.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
