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Dividend Capital Diversified Property Fund Buys Chester Springs Shopping Center for $53.8 Million

Dividend Capital Diversified Property Fund Inc., a public reporting, daily NAV real estate investment trust, has acquired Chester Springs, a grocery-anchored shopping center in Chester, NJ for $53.8 million.

The REIT is funding the acquisition with cash-on-hand and availability under its revolving credit facility.

Chester Springs comprises approximately 223,000 square feet. The center is currently approximately 95 percent leased to 33 tenants, including ShopRite, Marshalls, and CVS.

“We are very excited to enter the northern New Jersey market with this acquisition and further our strategy of acquiring necessity-oriented shopping centers in strong trade areas,” commented Greg Moran, DPF’s executive vice president.

Including this acquisition, DPF owns 34 retail properties totaling approximately 3.7 million square feet.