DCT Industrial Trust Inc. ® Announces Three Acquisitions For $11.2M (DCT)

DCT Industrial Trust

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."