VEREIT, Inc. and Ocean West have acquired a 2.3 million square foot, twenty-year leased distribution and warehouse facility in Dallas, Texas for $246.7 million.
“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. VEREIT will continue to expand this portfolio by seeking out high-quality assets that play a necessary role in the industrial market,” stated Thomas W. Roberts, Executive Vice President and Chief Investment Officer at VEREIT.
The acquisition is part of VEREIT’s industrial partnership with Korea Investment & Securities Co., Ltd., which is advised by Ocean West Capital Partners LLC, said VEREIT in a statement. ”The partnership focuses on the acquisition of single-tenant industrial assets under long-term leases to investment-grade tenants. To date, the partnership has acquired approximately $653.7 million in assets.”
“We are pleased to announce another successful acquisition with our partners at VEREIT and look forward to acquiring additional high-quality assets,” stated Russ Allegrette, Principal at Ocean West.