August 12, 2020
VEREIT, Inc. and Ocean West paid $246.7 million for a 2.3-million-square foot distribution and warehouse facility leased by an investment grade home improvement retailer, reportedly Home Depot. The property is located in Dallas, and is a newly-constructed, build-to-suit property with a 20-year lease.
“The property’s logistically desirable location along with the tenant’s creditworthiness and the established long-term lease, make this a strong investment for the growing partnership,” said Thomas W. Robert, EVP and CIO at VEREIT. “VEREIT will continue to expand this portfolio by seeking out high-quality assets that play a necessary role in the industrial market.”
NorthPoint Development developed the property and stayed on as a joint venture partner. CBRE National Partners represented the parties in the disposition and joint venture transaction.
The acquisition is the seventh in VEREIT’s industrial partnership with Korea Investment & Securities Co., Ltd., which is advised by Ocean West Capital Partners LLC.
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