DCT Industrial Trust Inc. (DCT) recently leased a 193,000-square foot building in the Inland Empire West submarket of Southern California to a wholesale furniture company named Parker House Manufacturing Company, Inc.
Parker House will occupy the building from August 2011 for a five-year lease term.
The building is located at 13780 Central Avenue in Chino and has undergone significant redevelopment. The company renovated the building and transformed it from a manufacturing facility to a high-quality distribution headquarter. The tenant believes that the building is favorably located for its business opportunities.
The successful leasing out of this building testifies to DCT Industrial's specialty in identifying and redeveloping projects that possess good potential. This lease is expected to be beneficial for the company as the property happens to be in a submarket with limited vacancy. With this lease, DCT Industrial's 3.8 million-square foot portfolio in Southern California becomes 99.3% leased.
DCT Industrial is an industrial real estate company that owns, operates and develops high-quality bulk distribution and light industrial properties in high-volume distribution markets in the U.S. and Mexico. As of March 31, 2011, the company owned interests in approximately 77.3 million square feet of properties leased to more than 840 customers, including 14.6 million square feet managed on behalf of three institutional joint venture partners.
DCT Industrial currently retains a Zacks #2 Rank, which translates into a short-term Buy rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Duke Realty Corp. (DRE) currently retains a Zacks #3 Rank, which translates into a short term Hold rating.
DCT INDUSTRIAL (DCT): Free Stock Analysis Report
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