Public reporting, daily NAV REIT Dividend Capital Diversified Property Fund Inc. (DPF) announced today that it has sold an office and industrial portfolio representing 2.7 million net rentable square feet for $398.6 million.
Gramercy Property Trust Inc., the buyer, assumed approximately $128 million of mortgage debt associated with the portfolio which consists of six office properties and six industrial properties located in major cities throughout the U.S.
Additionally, DPF was released from an obligation on a $44.8 million mortgage that was not assumed by Gramercy through a defeasance process, which is a process of substituting collateral. DPF incurred an $8.6 million defeasance cost for that transaction.
The REIT’s total investment or cost basis in the portfolio was about $333.4 million as of December 31, 2014.
DPF intends to allocate net proceeds from the sale towards repayment of its revolving credit facility and for general corporate purposes.
Currently, the REIT owns 19 office, 6 industrial, and 32 retail properties totaling 9.2 million square feet in aggregate.
For more information, visit DPF here.
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