DENVER, April 27, 2011 /PRNewswire/ -- DCT Industrial Trust Inc. ® (NYSE: DCT), a leading industrial real estate company, today announced three acquisitions totaling 278,200 square feet. The buildings are located in key markets in Southern California, Chicago and Orlando, and were purchased for a total of $11.2 million.
DCT Industrial acquired a 72,300 square foot building in Whittier, CA, the Mid-Counties submarket of Los Angeles County. The building was purchased for $4.8 million or $65.81 per square foot. The Mid-Counties submarket is an attractive location with strong demand and limited vacancy. The distribution building is 100% leased to a single tenant and is expected to generate a cash yield of 8.3% in the first year. This acquisition brings DCT Industrial's Southern California consolidated portfolio to 3.8 million square feet and 94.2% occupied.
In the Central DuPage submarket of Chicago, the Company acquired a 155,900 square foot distribution building for $3.4 million, or $21.80 per square foot. The Central DuPage submarket is a highly desirable infill market in the Chicago area with easy access to major interstates and O'Hare International Airport. The building is currently 35.0% leased. DCT Industrial expects to earn a cash yield of approximately 9.6% when stabilized. This acquisition brings DCT Industrial's Chicago consolidated portfolio to 3.6 million square feet and 87.6% occupied.
Additionally, DCT Industrial acquired a Class-A distribution facility in Orlando, FL. The building totals 50,000 square feet and was acquired for $3.0 million or $60.86 per square foot. The building is located in the Orlando Central Park submarket, which is the core infill market for Orlando with access to major highways, such as the Florida Turnpike. The building is 100% leased to a single tenant and was built in 1994. DCT Industrial expects to generate a cash yield of 8.1% in the first year. This acquisition brings DCT Industrial's Orlando consolidated portfolio to 1.4 million square feet and 81.0% occupied.
"A key aspect of our investment strategy is to focus on high-quality, well-located assets with an above-average growth profile," said Phil Hawkins, President and CEO of DCT Industrial. "These three buildings were purchased for an average of 30-35% below replacement cost and will bring value to our customers and our shareholders."
For leasing information on DCT Industrial's properties in the Southern California region, please contact Dan Floriani at 949-720-8000 or [email protected]. For leasing information on DCT Industrial's properties in the Chicago region, please contact Brian Roach at 303-597-2400 or [email protected]. For leasing information on DCT Industrial's properties in Florida, please contact Todd Watson at 407-816-8400 or [email protected].
About DCT Industrial Trust Inc.®
DCT Industrial Trust Inc. 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 March 31, 2011, the Company owned interests in, managed or had under development approximately 77.3 million square feet of properties leased to more than 840 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.