Is this Daily NAV REIT Marketing 14 Properties for Sale?

Dividend Capital Diversified Property Fund (DPF), a NAV REIT sponsored by Dividend Capital, is rumored to be selling a $500 million portfolio, according to a recent Real Estate Alert report by REAlert.com.

Composed of industrial and office buildings, the 14 properties are said to be offered as a package through Eastdil Secured. Previously called Dividend Capital Total Realty, DPF acquired the properties in 2010 along with 18 other properties in a $1.4 billion deal with iStar Financial of New York.

A representative from Dividend Capital was unable to comment due to the ongoing public offering.

The portfolio is geographically diverse with a presence in several states and is composed of five distribution centers, an industrial/R&D facility account, seven office properties, and a data center. The properties are 97% leased and total approximately 3.7 million square feet.

The buyer of the package would inherit a $173.5 million senior mortgage that has a 5.5% rate and matures in 2020. With the origination of that loan in 2010, DPF also organized $26.9 million of mezzanine debt, the status of which is currently unclear.

The distribution centers are located at: 1150 South Columbia Drive in Campbellsville, Ky. (727,000 sf), 200 Corporate Drive in Dixon, Ill. (575,000 sf), 15350-15390 Vickery Drive in Houston (465,000 sf), 3201 Columbia Road in Richfield, Ohio (188,000 sf) and 18300 East 28th Avenue in Aurora, Colo. (85,000 sf).

There are three office properties in Southern California: 2100 Corporate Center Drive in Thousand Oaks (218,000 sf), 3701 Doolittle Drive in Redondo Beach (124,000 sf) and 5200 Shelia Street in Commerce City (108,000 sf). The other Southern California property is a 107,000-sf data center at 1920 East Maple Avenue in El Segundo.

In suburban Dallas, there is a 294,000-sf office property at 6000 Connection Drive in Irving and a 121,000-sf industrial/R&D facility at 1460 North Glenville Drive in Richardson.

The rest of the office properties are located at: 1600-1601 SW 80th Street in Plantation, Fla. (240,000 sf), Six Sylvan Way in Parsippany, N.J. (213,000 sf) and 11493 Sunset Hills Road in Reston, Va. (178,000 sf).

To learn more about Dividend Capital Diversified Property Fund, click here.