Atlanta, Georgia – Net Lease Properties has information on a recent deal for $172.5 million. A Net Lease Properties portfolio was purchased by Cardinal Industrial. Cardinal Industrial is a Sherman Oaks, California based company owning single tenant, net leased properties throughout the country After this purchase, Cardinal Industrial has increased its portfolio of single tenant industrial assets to approximately 13.4 million square feet.
Dividend Capital Total Realty Trust Inc. was the seller and had purchased this portfolio back in June, 2010. Dividend Capital Total Realty Trust acquired a portfolio of 32 office and industrial properties, aggregating approximately 11.3 million net rentable square feet known as the National Office and Industrial Portfolio, or NOIP, from iStar Financial Inc. The NOIP Portfolio involved 26 properties subject to a net lease with a single tenant. As recently as June, 2010 all National Office and Industrial Portfolio Triple Net Lease Properties were 100 percent owned by Dividend and were 100 percent leased.
This recent portfolio sale included Six Goodyear Tire and Rubber Company industrial distribution facilities totaling 4.7 million square feet. Two of the net lease properties are in Atlanta, and one each in Chicago, Central Pennsylvania, Dallas and Columbus, Ohio.
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