DENVER, Aug. 27, 2014 (GLOBE NEWSWIRE) -- Dividend Capital Diversified Property Fund Inc. ("DPF" or "the Company"), a public reporting, daily NAV REIT (Nasdaq:ZDPFEX) (Nasdaq:ZDPFAX) (Nasdaq:ZDPFWX) (Nasdaq:ZDPFIX), announced today that it acquired 1st Avenue Plaza, a Class A office property in Denver, CO for $75 million or approximately $286 per rentable square foot. DPF is funding the acquisition through cash on hand and availability under the Company's revolving credit facility.
1st Avenue Plaza is comprised of two adjacent Class A office buildings in the Cherry Creek submarket of Denver, CO. 55 Madison Street and 44 Cook Street were built in 1982 and 1984, respectively, with renovations in each building completed in 2010. The buildings combine to approximately 262,000 net rentable square feet, and are 95% leased to approximately 50 tenants. 1st Avenue Plaza also contains a 764-space parking garage.
"Cherry Creek has emerged as one of the premier office submarkets in the region, characterized by strong demand, high barriers to entry, and retail and lifestyle amenities important to today's workforce," commented Michael Lynch, President of Diversified Property Fund. "The acquisition of 1st Avenue Plaza is consistent with our stated investment strategy of finding quality real estate in strong markets that will allow us to attract top tenants."
Including this acquisition, the Company owns 25 office properties totaling approximately 5.2 million square feet.
About Dividend Capital Diversified Property Fund
Dividend Capital Diversified Property Fund is a public reporting, daily NAV vehicle based in Denver, CO that invests in a diversified portfolio of commercial real estate assets. The company owned 68 properties totaling approximately 11.7 million square feet in 24 geographic markets as of June 30, 2014. More information is available at www.dividendcapitaldiversified.com.
Forward-Looking Information
This material may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect(s)," "could," "should," and "continue" and similar statements are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results that are materially different than those described in the forward-looking statements. Dividend Capital Diversified Property Fund cannot give assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Dividend Capital Diversified Property Fund's expectations include, but are not limited to, the uncertainty of funding Dividend Capital Diversified Property Fund's future capital needs, delays in the acquisition, development, and construction of real properties, changes in economic conditions generally and the real estate and securities markets specifically, and other risks detailed from time to time in Dividend Capital Diversified Property Fund's Securities and Exchange Commission reports, particularly the section entitled "Risk Factors" in Item 1A of the Company's Annual Report on Form 10-K. Such forward-looking statements pertain only as of the date of this press release. Dividend Capital Diversified Property Fund expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based.