DENVER, June 7 /PRNewswire-FirstCall/ -- DCT Industrial Trust Inc.® (NYSE: DCT), a leading industrial real estate company, today announced it has closed on the acquisition of a land parcel totaling 19.3 acres in Rancho Cucamonga, CA for $4.7 million.
Located in the Inland Empire West market of Rancho Cucamonga, the site is well-suited for a wide variety of industrial uses from distribution to manufacturing. The land parcel will support the development of up to 11 buildings ranging in size from 5,000 square feet to 200,000 square feet. The project is 90% entitled and DCT Industrial plans to initially develop with build-to-suit projects, with certain parcels available for resale.
"We are pleased to acquire such a well-located site at a historically attractive price. This rare investment opportunity enables us to continue building a strong local presence in a key growth market," said Phil Hawkins, President and CEO of DCT Industrial.
"This is a great opportunity to develop approximately 400,000 square feet in this desirable in-fill location with an attractive cost basis," said Jeff Phelan, Managing Director of Southern California and President of National Development of DCT Industrial. "I have been involved in this project since 2007 and we have recently seen an increase in build-to-suit interest making this an excellent time for DCT Industrial to be investing in this project."
The parcel was purchased from a joint venture managed by Phelan Development Company. After DCT Industrial achieves a return of its investment and meets certain return requirements, Jeff Phelan retains certain rights to cash flows.
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 March 31, 2010, the Company owned, managed or had under development 75.4 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.