Citybizlist Dallas - September 9, 2010
Six Goodyear Tire and Rubber Company industrial distribution facilities totaling 4.7 million square feet, including two in Atlanta, and one each in Chicago, Central Pennsylvania, Dallas and Columbus, OH, have been sold by Dividend Capital Total Realty Trust to Cardinal Industrial Real Estate Services for $172.5 million.
With the acquisition, Sherman Oaks, CA-based Cardinal Industrial increased its portfolio of single tenant industrial assets located throughout the United States to approximately 13.4 million square feet.
The Portland office of HFF (Holliday Fenoglio Fowler, L.P.) arranged $114 million in financing for the industrial distribution facility acquisition, with HFF senior managing director Lloyd Minten working on behalf of Cardinal Industrial Real Estate Services to secure the loan. It will be included in an upcoming CMBS securitization and serviced by HFF.
Loan proceeds were used to acquire the portfolio from Dividend Capital Trust, which acquired these assets as part of the iStar portfolio sale. On June 25, 2010, Dividend Capital Total Realty Trust Inc. completed the acquisition of a portfolio of 32 office and industrial properties, aggregating approximately 11.3 million net rentable square feet known as the National Office and Industrial Portfolio, or NOIP, from iStar Financial Inc.
Dividend Capital will used the proceeds from the sale of the Goodyear Tire Distribution Facilities to repay approximately $169.1 million of outstanding borrowings that had been used to partially finance its acquisition of NOIP. The Goodyear Portfolio included all of its properties that were leased to Goodyear Tire & Rubber Company.
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