VEREIT and Ocean West have acquired a 2.3 million-square-foot distribution and warehouse facility leased by an investment-grade home improvement retailer.
The property is located in Dallas and was acquired at a purchase price of $246.7 million. The asset is strategically located for supply chain efficiency, and is a newly constructed, build-to-suit property with a 20-year lease.
The acquisition is part of VEREIT's industrial partnership with Korea Investment & Securities Co., which is advised by Ocean West Capital Partners.
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. This acquisition is the seventh property in the portfolio.
"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 gro
