Monday, September 1, 2014
Last Updated: November 21, 2012
UPDATE

DCT Industrial Trust Completes $85M Acquisition

Three of the air-freight facilities are
located in the Los Angeles
International Airport submarket,
which is known for its low
vacancy rates.

(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)

DENVER-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that DCT Industrial Trust Inc. has completed its acquisition of a four asset portfolio totaling 563,000 square feet.  The class A air-freight buildings are located with three facilities in the Los Angeles International Airport submarket and one in the Chicago O’ Hare International Airport submarket.

The portfolio is currently 99.6% occupied by eight tenants. GlobeSt.com first reported on the deal back in September. At the time, DCT declined to identify the seller to GlobeSt.com.

According to Matt Murphy, DCT’s CFO, the purchase price for the portfolio was $85.7 million.

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.

Categories: West

Natalie Dolce

Natalie Dolce, national executive editor of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, Natalie was Northeast bureau chief, covering New York City for GlobeSt. Dolce's background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, Co-Ed magazine and the Daily Orange newspaper. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.

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