DCT Industrial Trust Inc.
(
DCT
), a real estate investment trust (REIT), recently announced that
it has entered into an agreement to purchase a portfolio of four
industrial assets in Chicago and Los Angeles. The properties were
purchased from an unnamed seller for an undisclosed amount.
DCT industrial has extended a deposit for the transaction, which is
subject to the loan assumption and standard closing conditions. The
deal is expected to be completed in the fourth quarter of 2012.
The assets spanning 563,000 square feet, are currently 99.6%
occupied by eight tenants. The Class-A state-of-the-art air freight
buildings are a strategic fit to the company's portfolio and are
located in submarkets with low vacancy rates. The off-market
transaction is in line with DCT Industrial's ploy of strengthening
its presence in key markets.
Three of the acquired facilities are located in the Los Angeles
International Airport submarket and the other in the Chicago O'Hare
International Airport submarket. Post-acquisition, DCT Industrial's
Southern California and Chicago portfolios will add up to 4.5
million square feet with 99.7% occupancy and 4.1 million square
feet with 96.3% occupancy, respectively.
DCT Industrial is a leading industrial real estate company that
owns, operates and develops high-quality bulk distribution and
light industrial properties in high-volume distribution markets in
the U.S. and Mexico.
As of June 30, 2012, the company owned interests in, managed or had
under development approximately 76.0 million square feet of
properties, which have been leased to more than 900 customers.
These include 17.5 million square feet of properties managed on
behalf of five institutional management partners.
DCT Industrial currently retains a Zacks #3 Rank, which translates
into a short-term Hold rating. We also have our long-term Neutral
recommendation on the stock. One of its competitors,
Duke Realty Corp
(
DRE
) also holds a Zacks #3 Rank.
DCT INDUSTRIAL (DCT): Free Stock Analysis
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DCT INDUSTRIAL (DCT): Free Stock Analysis
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DUKE REALTY CP (DRE): Free Stock Analysis
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