Dividend Capital Trust acquired Memphis Trade Center III, a 709,000-square-foot distribution building in Memphis, Tenn. It was DCT’s second purchase in Memphis, bringing the company’s holdings there to more than 1.1 million square feet.
The value of the transaction was not disclosed.
The class A building, completed during 2001, has a flow-through design and features extensive trailer storage.
At the time of sale, the Memphis Trade Center was fully leased to Diamond Comics, a distributor of English-language comics, and Johnson & Johnson Health Care Systems, a subsidiary of parent company Johnson & Johnson. DCT also purchased an adjacent parcel of land to accommodate future expansion.
Dallas-based Champion Partners, a national office and industrial investment and development firm, sold the property.
Dividend Capital Trust invests in commercial real estate properties, consisting primarily of high-quality, generic distribution warehouses and light industrial properties.
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