DALLAS-Dividend Capital Trust has turned over management duties for the balance of its Dallas/Fort Worth portfolio to IDI Services Group. The 2.5-million-sf assignment, kicking in June 1, puts IDI at the helm of a 49-building, 4.98-million-sf block of industrial space.
Dividend Capital Trust's local team wouldn't discuss the management contract for space that's been overseen by in-house and several third-party providers since its acquisition last year. It was IDI Services Group's long-standing relationship locally and nationally with the Denver-based owner that cornered the contract. Nationwide, IDI Services, a subsidiary of Atlanta-based IDI, manages 10.3 million sf in 42 properties with 87 tenants for Dividend Capital--and now it's adding 2.5 million sf.
Kelli Delozier, vice president of real estate management for IDI's Dallas group, gets oversight for the package. The owner "is consolidating its management contracts," she says in a press release, "and we were fortunate to receive this assignment because the company was pleased with the quality of our management service at properties in Dallas and three other markets in the US." She and Bert Calvert, senior vice president in IDI's headquarters office, were credited with the win.
The Dallas/Fort Worth package not only is the largest concentration in the 42.45-million-sf national portfolio, but it's the highest, single-city revenue-generator, according to the owner's latest SEC filing. The North Texas portfolio is 93.3% leased, with the assignments held by NAI Robert Lynn, Lee & Associates, Stream Realty Partners and TIG Real Estate Services, all local firms.
The newest addition is predominately warehouse space with 91 tenants. "It's very management intensive when you have that many tenants," says Doug Johnson, IDI's regional development officer in Dallas. He tells GlobeSt.com that the portfolio, all second-generation space, runs from five to 15 years old. The buildings, ranging from 80,000 sf to 580,000 sf, are scattered throughout the metroplex in mostly one-off locations rather than heavy concentrations in regional business parks.
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