Dividend Capital paid CalEast Industrial Investors LLC $41.95 per sf for Cypress Park East III and IV, both considered class A, 100%-leased properties. CalEast is a joint venture between LaSalle Investment Management Inc. of Chicago and CalPers, the $166-billion pension fund of the California Public Employees Retirement System based in Sacramento. CalPERS owns 98% of CalEast; LaSalle, 2%.
Dividend Capital vice president Mark Bowen calls the acquisition "consistent with our strategy of buying high-quality distribution buildings in key markets." Bowen says his firm plans to make further acquisitions in Florida at an undetermined date.
Nick Firth, vice president of LaSalle Investment Management, advised CalEast in the transaction. Frank Fallon, Chris Riley, John McRae, Brad Rodgers and Dale Peterson of Trammell Crow Co. brokered the sale and found the buyer.
According to Moody's Investors Service, CalEast has a $1.4-billion portfolio of warehouses and flex industrial assets in major industrial distribution markets such as Orlando, Chicago, New Jersey and Baltimore in the Northeast. CalEast is the investment vehicle for CalPERS.
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