DCT Industrial Trust Completes Purchase of Four-Building Portfolio
- Nov 19, 2012
DCT Industrial Trust Inc., of Denver, has completed the previously announced acquisition of a four-building portfolio totaling 563,000 square feet, the REIT announced late last week.
The Class A air-freight buildings comprise three facilities near Los Angeles International Airport and one near Chicago’s O’Hare International Airport. The portfolio is currently 99.6 percent occupied by eight tenants.
DCT announced in early September that its deposit on the four buildings had gone non-refundable the previous month and that the off-market transaction was at that point subject only to the loan assumption and standard closing conditions.
No further information was available from DCT at press time.
The South Bay submarket in Los Angeles includes nearly 90.6 million square feet of warehouse/distribution space, according to third-quarter figures from Jones Lang LaSalle. The total vacancy rate is 6.4 percent, after accounting for 0.3 percent total net absorption so far this year. Asking triple-net rents average $0.55 per square foot.
Per JLL, although the South Bay submarket added only 389,000 square feet of warehouse/distribution space year-to-date, that’s still more than half of such space added across the entire LA metro area. An additional 1.99 million square feet is currently under construction, however.
DCT specializes in the acquisition, development, leasing and management of bulk distribution and light industrial properties in high-volume distribution markets in the United States and Mexico. The company currently owns interests in about 75.2 million square feet of properties, including 16.7 million