DCT Buys Near Airport
DCT Industrial Trust has picked up a couple of Forest Park warehouses to tap the strengthening airport submarket.It bought Southlake Commons (230 and 309 Johnson Road), two buildings totaling 154k SF near Hartsfield Airport from Southlake Development Co for an undisclosed price. Lee & Associates Rick Tumlin and Michael Sutter brokered the sale.DCT's Todd Carter(above) tells us the deal is a "perfect hybrid" between core asset and value-add. (The greatest love story never told.) The larger of the two buildings (96k SF) is fully leased for the long haul to both Georgia Power and Spinnaker Coatings. The smaller building has some vacancy, which Todd says, gives DCT a value-add play.
Southlake Commons--delivered in 2007--is part of 500k SF of properties bought by DCT since the beginning of the year, including properties in California, for a total of $35.8M, according to SEC filings (Southlake being the only ATL property). The company also sold 1.8M SF of properties in Atlanta, Louisville and Memphis for $50.5M, which included 115 Greenwood, a 188k SF warehouse in Henry County leased entirely to Caterpiller.