Dividend Capital Total Realty Trust Inc. has completed the acquisition of a $1.3 billion portfolio from iStar Financial. The portfolio is comprised of 32 office and industrial properties in 16 markets within the U.S., totaling roughly 11.3 million in rentable square feet. The properties are approximately 99% occupied with many properties leased to single tenant corporate users, including Amazon.com, Sybase, FedEx, Unisys, Goodyear, Nokia Siemens, Avis Budget, DirecTV and Google. iStar will use the proceeds from this transaction to repay a $925 million loan secured by the properties being sold, as well as for general corporate purposes.
We are extremely pleased to acquire this high-quality portfolio of office and industrial buildings," said Guy Arnold, president of Dividend Capital. "We feel the acquisition is a valuable addition to our portfolio, further diversifying our commercial real estate holdings by property type, tenant base and geography." According to the Denver Business Journal, Dividend Capital owns 111 properties totaling about 24.3 million square feet in 35 markets as of June 25.
For more news and information visit Blumberg Capital Partners.