DENVER, March 12, 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 that it has completed the sale of an office and industrial portfolio (the "Portfolio") to Gramercy Property Trust Inc. ("Gramercy") for a gross sales price of approximately $398.6 million. The Portfolio consists of twelve wholly-owned office and industrial properties comprising approximately 2.7 million net rentable square feet made up of (i) six office properties comprising 1.1 million net rentable square feet located in Los Angeles, CA (three properties), Northern New Jersey, Miami, FL, and Dallas, TX, and (ii) six industrial properties comprising 1.6 million net rentable square feet located in Los Angeles, CA, Dallas, TX, Cleveland, OH, Chicago, IL, Houston, TX, and Denver, CO.
Prior to disposition, the Portfolio was subject to secured mortgage debt totaling approximately $172.8 million. Upon closing of the transaction, Gramercy assumed approximately $128.0 million of the mortgage debt. DPF was released of its obligations on the remaining balance of approximately $44.8 million through a defeasance process. Net proceeds from the sale will be used to repay borrowings on DPF's revolving credit facility and for general corporate purposes.
Following the sale, DPF owns 19 office properties totaling approximately 4.0 million square feet, six industrial properties totaling approximately 1.9 million square feet, and 32 retail properties totaling approximately 3.3 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 68 properties totaling approximately 11.9 million square feet in 24 geographic markets as of December 31, 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, uncertainties as to future dividend levels, 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 DPF'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 DPF'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