DENVER, Feb. 25, 2011 /PRNewswire/ -- DCT Industrial Trust Inc. ® (NYSE: DCT), a leading industrial real estate company, today announced it has acquired 8551 NW 30th Terrace, a well-located distribution building in Miami's Airport West submarket. The 100,000 square foot building was acquired for $7.5 million or $75.00 per square foot which is approximately 10% below estimated replacement cost.
The Airport West submarket is an international distribution hub for the Americas and the primary gateway to Latin America. Additionally, it has been one of the first submarkets in the area to recover with strong demand and limited vacancy.
The building was constructed in 1994 and is a rear load, highly functional distribution building that can be configured for up to three tenants. The current lease expires in March 2011 and DCT Industrial is pursuing several opportunities to lease the facility to either a single tenant or multiple users. Upon stabilization, the investment is projected to generate a cash-yield of approximately 7.0% in its first year.
"We are very excited to have this opportunity to expand our presence in Miami's Airport West submarket. The market has recovered rapidly from the economic downtown and leasing activity has been very strong," said Todd Watson, Vice President, Regional Market Representative of DCT Industrial. "With this recovery, we are starting to see a more competitive marketplace and I am confident in the strong team we have in place to pursue and quickly close new opportunities as we find them."
This acquisition brings DCT Industrial's Miami portfolio to 761,792 square feet.
For leasing information on DCT Industrial's properties in the Miami region, please contact Todd Watson at 407-816-8400 or email@example.com.
About DCT Industrial Trust Inc. ®
DCT Industrial Trust 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 December 31, 2010, the Company owned interest in, managed or had under development approximately 76.3 million square feet of properties leased to more than 840 customers, including 14.6 million square feet managed on behalf of three institutional capital management joint venture partners. Additional information is available at www.dctindustrial.com.
SOURCE DCT Industrial Trust Inc.