Daily NAV REIT Acquires Two and Sells One

Public reporting, daily NAV REIT Dividend Capital Diversified Property Fund (DPF) recently announced a couple of acquisitions and a property sale. 

In Austin, Texas DPF purchased two Class A office buildings named Rialto I and Rialto II on January 15, 2015.  In addition to offering 155,000 square feet, the buildings also provide a parking garage with over 200 parking spaces.  

With cash on hand and borrowings from its credit facility, the REIT paid $37.3 million for the two buildings, which were 94% leased to 21 tenants at the time of closing. 

The following day, DPF sold Park Place, a Class A office building for $46.6 million.  

Located in Dallas, Texas, Park Place was purchased by the REIT in December 2009 and was owned without any debt.  Net proceeds from the sale will be used for general corporate purposes and to repay borrowings on DPF’s revolving credit facility. 

Park Place was 87.5% occupied by 27 tenants at the time of the sale. 

DPF owns 25 office properties that contain over 5 million square feet of rentable space.  Through the end of September, 2014, the REIT owned 69 total properties across 24 geographic markets.