DENVER, Jan. 21, 2015 (GLOBE NEWSWIRE) -- Dividend Capital Diversified Property Fund Inc. ("DPF"), a public reporting, daily NAV REIT (Nasdaq:ZDPFEX) (Nasdaq:ZDPFAX) (Nasdaq:ZDPFWX) (Nasdaq:ZDPFIX), announced today the details of recent acquisition and disposition activity.
On January 15, 2015, DPF acquired Rialto I and Rialto II, two Class A office buildings totaling approximately 155,000 square feet located in Austin, TX. The buildings also contain a parking garage with approximately 205 parking spaces. At the time of acquisition, Rialto I and Rialto II collectively were 94% leased to 21 tenants. The acquisition price for the buildings was $37.3 million. DPF funded the acquisition through cash on hand and availability under its revolving credit facility.
On January 16, 2015, DPF sold Park Place, a Class A office building located in Dallas, TX to an unrelated third party for $46.6 million. Park Place is a 177,000 square foot Class A office building that DPF acquired in December 2009 and is currently 87.5% occupied to 27 tenants. The property is unencumbered by debt. Net proceeds from the sale will be used to repay borrowings on DPF's revolving credit facility and for general corporate purposes.
"These two transactions exemplify DPF's current investment strategy," commented Jeff Johnson, Chief Executive Officer of Diversified Property Fund. "The sale of Park Place marks the completion of our value-add business plan for the asset made possible by an active asset management strategy. The acquisition of Rialto I and Rialto II adds to DPF's presence in the Austin, TX market, and is consistent with our stated acquisition strategy of buying high quality buildings in select markets characterized by what we believe are strong long-term fundamentals."
Including these transactions, DPF owns 25 office properties totaling approximately 5.1 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. DPF owned 69 properties totaling approximately 12.0 million square feet in 24 geographic markets as of September 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.