{"id":1004470651,"date":"2020-08-12T03:36:55","date_gmt":"2020-08-12T11:36:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004470651"},"modified":"2020-08-12T05:00:54","modified_gmt":"2020-08-12T13:00:54","slug":"vereit-ocean-west-acquire-dallas-industrial-property-for-247m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vereit-ocean-west-acquire-dallas-industrial-property-for-247m\/","title":{"rendered":"VEREIT, Ocean West Acquire Dallas Industrial Property for $247M"},"content":{"rendered":"
\"\"

9314 W. Jefferson Blvd., Dallas. Image courtesy of VEREIT Inc.<\/em><\/p><\/div>\n

VEREIT Inc. and Ocean West Capital Partners LLC have acquired a 2.3 million-square-foot distribution and warehouse facility in Dallas for $246.7 million from NorthPoint Development\u2014which developed the asset and will be part of the joint venture. The facility, located at 9314 W. Jefferson Blvd., is fully leased by an unidentified investment-grade home improvement retailer.<\/p>\n

The acquisition is part of VEREIT\u2019s industrial partnership with Korea Investment & Securities Co. Ltd., which is advised by Ocean West. The partnership, which began in May 2019, focuses on the acquisition of single-tenant industrial assets under long-term leases to industrial-grade tenants.<\/p>\n

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READ ALSO:<\/strong> Logistics Real Estate Set for \u2018Brisk Recovery\u2019 in Prologis Report<\/a><\/p>\n

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This is the seventh property acquired for the portfolio, which now has approximately $653.7 million in assets. The first six assets launched the partnership last spring with the $407 million acquisition of 4.8 million square feet of industrial space across five states. At the time, the stakeholders agreed to a traditional 80\/20 equity structure. As part of the agreement, VEREIT\u2014a Phoenix-based full-service operating company that owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S.\u2014handles acquisitions, property management, legal, leasing and assessment management teams for the portfolio.<\/p>\n

Thomas Roberts, executive vice president & chief investment officer at VEREIT, said in a prepared statement that the Dallas property\u2019s logistically desirable location along with the tenant\u2019s creditworthiness and the long-term lease made it a strong investment for the partnership\u2019s growing portfolio.<\/p>\n

CBRE National Partners represented the parties in the disposition and the transaction.<\/p>\n

VEREIT Holdings<\/strong><\/h2>\n

VEREIT\u2019s total real estate investments amount to $14.7 billion, including approximately 3,800 properties and 88.9 million square feet of space. In early March, a partnership between VEREIT and Arch Street Capital Advisors\u2019 institutional client, Gatehouse Capital, acquired DHL Supply Chain\u2019s North American headquarters, a newly constructed, 145,000-square-foot Class A office building in Westerville, Ohio<\/a>, from the Daimler Group for $33.1 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The firms purchased the 2.3 million-square-foot asset from NorthPoint Development, which remains as a joint-venture partner.<\/p>\n","protected":false},"author":1068,"featured_media":1004470654,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21743,21808,21748,21783,21742],"tags":[32789,38189,36773,32951],"class_list":["post-1004470651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-deals","category-featured","category-industrial","category-investment","category-latest","tag-cbre","tag-northpoint-development","tag-ocean-west-capital-partners","tag-vereit"],"acf":[],"yoast_head":"\nVEREIT, Ocean West Acquire Dallas Industrial Property for $247M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vereit-ocean-west-acquire-dallas-industrial-property-for-247m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VEREIT, Ocean West Acquire Dallas Industrial Property for $247M\" \/>\n<meta property=\"og:description\" content=\"The firms purchased the 2.3 million-square-foot asset from NorthPoint Development, which remains as a joint-venture partner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vereit-ocean-west-acquire-dallas-industrial-property-for-247m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-12T11:36:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-08-12T13:00:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/9314-W.-Jefferson-Blvd.-Dallas.-Image-courtesy-of-VEREIT-Inc..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vereit-ocean-west-acquire-dallas-industrial-property-for-247m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vereit-ocean-west-acquire-dallas-industrial-property-for-247m\/\",\"name\":\"VEREIT, Ocean West Acquire Dallas Industrial Property for $247M - 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