Arch Street JV Buys DHL’s North America HQ
- Mar 10, 2020
A partnership between VEREIT and Arch Street Capital Advisors’ institutional client, Gatehouse Capital, has purchased DHL Supply Chain’s North American headquarters, a 145,000-square-foot Class A office building in Westerville, Ohio. The Daimler Group sold the property for $33.1 million, according to Yardi Matrix. Capital One provided acquisition financing.
The new owner is primarily focused on acquiring single-tenant office properties with long-term leases in place. The partnership has made $120.8 million in investments and plans to spend an additional $49.8 million in the first part of the year.
The four-story property opened its doors in February, following nearly 18 months of construction work. Located on 10 acres at 360 Westar Blvd., the structure is less than 1 mile away from the shipping company’s previous location at 570 Polaris Parkway, a 140,033-square-foot building in Westar Place Business Park. The development is 4 miles from the intersection between interstates 71 and 270. Downtown Columbus is 16 miles away.
Last spring, another Arch Street Capital client partnered with Brennan Investment Group to acquire a 1.3 million-square-foot Chicago warehouse. The property was fully leased to True Value Co. at the time of the sale.