REIT Acquires $496M Industrial Portfolio

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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.