BALTIMORE-DCT Industrial Trust has acquired a fully leased bulk distribution facility consisting of two buildings here that total more than 323,000 square feet. The non-traded REIT acquired the facility for $13.8 million, or $43 per square foot--significantly below its estimated replacement cost, DCT said in a prepared statement. It is projected to generate a cash yield of 9.1% in the first year. The company did not return a call to GlobeSt.com in time for publication.
Located at 6200-6300 Beckley St. in the Holabird Business Park, the facility is 100% leased to three tenants. Close to the Port of Baltimore, the buildings’ increase DCT Industrial's portfolio in the Baltimore-Washington Corridor to 2.1 million square feet in eighteen properties.
Like many non-traded REITs, DCT has been stretching its reach into many markets. It recently opened an office in Houston and tapped Grubb & Ellis as the leasing agent for seven class A industrial properties totaling 1.1 million square feet throughout the Seattle area.
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