NJRealEstateRama - November 4, 2009
Dividend Capital Total Realty Trust Inc., a diversified real estate investment trust (REIT), announced today that it acquired a class-A office property located in Princeton, NJ — centrally located between New York City and Philadelphia. The property totals approximately 167,000 square feet and is currently 100% leased to Novo Nordisk Inc. — a healthcare company that manufactures and markets diabetes care products worldwide.
“This acquisition presents an opportunity for us to enhance the portfolio’s core office holdings with a Class-A property in what we believe is a prestigious Northeast market, while simultaneously diversifying the portfolio’s tenant base with a large pharmaceutical company,” said Guy Arnold, president of Dividend Capital Total Realty Trust Inc. “In addition, the tenant has 13 years remaining on its current triple-net lease, which is guaranteed by its parent company and should generate a dependable long-term cash flow. By entering what we believe is an attractive office market — with numerous corporate headquarters due to the central location in the Northeast — we are able to continue to execute our strategy of acquiring high-quality assets at attractive pricing.”
The property was developed by Patrinely Group, LLC and owned in a venture between Patrinely Group’s parent company, Crimson Capital, Ltd., and USAA Real Estate Company.
(Note: The most recent 10-Q report for Dividend Capital Total Realty Trust Inc. lists the total cost of the building as $51.1 million plus acquisition-related expenses.)
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