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DCT Industrial Trust Inc.® Acquires Bulk Distribution Property in Southern California
DENVER, July 29 /PRNewswire-FirstCall/ -- DCT Industrial Trust Inc. (NYSE: DCT), a leading industrial real estate company, today announced it has acquired a modern, Class A bulk distribution property in the Inland Empire West submarket of Southern California for $4.5 million. The acquisition price is 25% below our estimated replacement cost and is projected to generate a cash yield of 7.9% in the first year. The building totals 67,068 square feet and increases DCT Industrial's portfolio within Southern California, one of the fastest growing industrial markets in the country, to 22 buildings totaling 4.5 million square feet, including DCT Industrial's development joint venture at SCLA.
The building is located in Fontana at 13560 Colombard Court and is 100% leased to a single customer. The facility is easily accessible from three major freeways, including I-15, I-10 and SR-60, providing a highly desirable location for distribution and light manufacturing businesses.
"The building is located in a core growth market for DCT Industrial and its physical characteristics make it highly desirable for its size," said Jeff Phelan, Managing Director of Southern California and President of National Development of DCT Industrial. "As we continue to grow our portfolio in Southern California, our local team is well-positioned to find and execute on deals for quality assets with attractive pricing compared to historical rates."
About DCT Industrial Trust Inc.®
DCT Industrial Trust Inc. (NYSE: DCT) 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, 2010, the Company owned, managed or had under development 75.5 million square feet of assets leased to approximately 810 customers, including 14.6 million square feet managed on behalf of three institutional joint venture partners. Additional information is available at www.dctindustrial.com.
SOURCE DCT Industrial Trust Inc.
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