The Midwest industrial portfolio is 100% leased to a variety of corporate tenants, including Conagra Foods, DHL and Hitachi. According to SEC filings, the largest of the three Ohio properties is Rickenbacker IV, a 330,179-sf development in Columbus that is leased to Essilor of America, Airborne Freight and Cole Vision and was acquired for $14.7 million. The others are Park West Q, a 198,600-sf development was acquired for $10.9 million and is leased to Hitachi Transport, Pre-Flex and Cincinnati Machine, and Park West L, a 150,1000-sf development acquired for $8.2 million and leased to IDI and Owens and Minor Distribution.
The largest of the Minnesota properties is Minnesota Valley III, a 232,804-sf development acquired for $14.2 million that is leased to Conagra Foods. The two others are Eagle Creek West, a 132,068-sf development acquired for $10.2 million and leased to Chief Manufacturing and Voyager Vend Supply, and Eagle Creek East, a 107,451-sf development acquired for $9.1 million and leased to STS Operating Inc. and Novus Inc.
The assets are being acquired in part with what Dividend Capital refers to as its $200-million REPO facility with JP Morgan Chase Bank. Dividend Capital Realty Trust declined to comment on the transaction beyond its press release and related SEC filings.
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