DENVER-Dividend Capital Trust has agreed to buy 79 industrial properties totaling 7.9 million sf from a partnership of TIAA-CREF and Rreef for $496.4 million, according to a public filing by the REIT. The portfolio is referred to as Cal TIA and the deal is scheduled to close in June.
The Securities and Exchange Commission filing by publicly held Dividend Capital says that it has "entered into a definitive purchase agreement" to acquire the 79 bulk distribution, light industrial and service center buildings from a joint venture between TIAA-CREF and Rreef. The agreement names the subsidiaries of the joint venture as a series of LLCs under the names Cabot Industrial Venture and CW Industrial Venture.
The 79 buildings are located in Atlanta, Baltimore, Charlotte, Cincinnati, Dallas, Miami, Orlando andSan Francisco.
The new properties are scheduled to become part of a Dividend Capital Trust portfolio that totaled 44.8 million sf at the end of the first quarter ended March 31, according to the REIT's latest quarterly financial statement, which it filed Monday. During the first quarter of this year, the company acquired 3.4 million sf of distribution space.
Monday's filing said the 44.8 million sf comprised 280 properties either owned, managed or under development. The buildings are in 23 markets and are leased to more than 600 corporate customers.
Since the end of the first quarter, Dividend Capital has acquired an additional 20 properties totaling 5.2 million sf in six markets and has an additional $551.2 million of industrial properties under contract, the REIT said in its quarterly report. In addition, in April, it entered into a joint venture to develop two industrial properties totaling 909,000 sf in the Los Angeles market.
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