DENVER, Nov. 14, 2014 (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 that it acquired Salt Pond Shopping Center in Narragansett, RI for $39.2 million. DPF funded the acquisition through cash on hand and availability under its revolving credit facility.
Salt Pond Shopping Center is a grocery-anchored shopping center that comprises approximately 185,000 rentable square feet. The center is currently 96% leased to 18 tenants, including Stop & Shop and Marshalls.
"Due to the lack of competing retail, Salt Pond serves as a regional shopping destination for the surrounding population where customers from a broad radius are able to fulfill much of their shopping needs in a single location," commented Greg Moran, Executive Vice President of Diversified Property Fund. "This acquisition is a continuation of our strategy to acquire high-quality, necessity-oriented shopping centers in high-barrier locations."
Including this acquisition, DPF owns 32 retail properties totaling approximately 3.3 million net rentable 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 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.
This material contains forward-looking statements that are based on management's current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties, including, without limitation, 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, whether the Salt Pond Shopping Center will continue to serve as a regional shopping destination and perform as expected, 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. Any of these forward-looking statements could be inaccurate, and actual events or investments and results of operations could differ materially from those expressed or implied. 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.
CONTACT: Eric Paul Dividend Capital (303) 228-2200Source:Dividend Capital Diversified Property Fund