The 33 office and industrial properties are located in 18 geographic markets in the US and total approximately 11.8 million net rentable square feet. Included are 22 office properties in 12 geographic markets totaling 5.1 million net rentable square feet and 11 industrial properties in 10 geographic markets totaling 6.7 million net rentable square feet. The properties included in the portfolio are primarily leased to large corporate tenants under triple net leases.

According to iStar, it is selling the properties through two purchase and sale agreements. The transactions, expected to close in the second quarter of this year, would add to a Dividend Capital portfolio that included 79 properties totaling approximately 13 million square feet in 27 geographic markets as of Dec. 31. Dividend Capital is acquiring the iStar portfolio via a wholly owned subsidiary, according to the company's SEC filings.

According to iStar's latest quarterly financial report, at the end of the first quarter the company held 42 assets, representing a gross book value of $1.4 billion, which had previously served as collateral for certain of its loan assets. Of these assets, $829.9 million were classified as REO and considered held for sale based on management's current intention to market and sell the assets in the near term. The remaining $542.7 million were classified as real estate held for investment, based on management's current strategy to hold, operate or develop the assets over a longer term.