Cassidy Turley announced that DCT Industrial Trust has acquired a three property warehouse portfolio from a Chicago-based global investment manager for $26.44 million.
Located in Tempe, the 355,371 SF portfolio includes: Roosevelt Center, 2405 and 2415 S. Roosevelt Street; Parkland Center, 7245 and 7307 S. Harl Ave.; and Wilson Center, 2636 South Wilson Street for $26.44 million ($74.42 per square foot).
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group brokered the transaction on behalf of the buyer and the seller.
“The portfolio represented an opportunity to acquire traditional warehouse product in the well-established Tempe market from a long-term owner and stable occupancy” said Mr. Buckley.
Roosevelt and Wilson Centers consist of three high-quality warehouse/manufacturing buildings totaling 292,605 square feet in one of Tempe’s best locations, the Broadway Industrial Park. Parkland Center consists of two multi-tenant industrial buildings totaling 62,766 square feet in the highly desired south Tempe submarket. The warehouse portfolio was 98%% leased at the time of sale. DCT Industrial Trust plans to hold and continue to lease up the property.