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."
NAI Hiffman executive vice president John F. Cash, SIOR and vice president Stephen J. Connolly represented Dividend Capital Trust in negotiations with Ryan Cos. vice president Daniel Levitt. Cash and Connolly represented Wickes in its 2004 lease of the building, located on 25 acres with 60 exterior docks and parking for 120 trailers.
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