Dividend Capital Trust Expands West Coast Distribution Portfolio

Business Wire, Nov 5, 2004

DENVER -- Dividend Capital Trust (DCT) announced today the purchase of Bayside Distribution Center, a two-building, 341,000-square-foot distribution park in the San Francisco East Bay market. The building is fully leased to four corporate customers.

The Bayside assets, completed during 1999, are located in Hayward, California, the largest San Francisco submarket and an infill location for customers distributing to the Bay Area. Bayside benefits from easy access to I-880 and Highway 101 via Highway 92, serving the Oakland port to the north, Silicon Valley to the South and San Francisco. The entire East Bay market consists of approximately 187 million square feet, of which 40 million are in Hayward.

The Bayside facilities have 28-foot clear heights and well-designed spaces that can be demised to accommodate customers of differing sizes. Current distribution customers at Bayside include Applera Corp., which is the parent company of Applied Biosystems and Celera Genomics, and privately held National Service Industries.

"The Bayside buildings are a great addition to our San Francisco portfolio. The location of the facilities and flexibility of their design will make the Bayside assets strong performers," said Mark Bowen, DCT vice president.

DCT acquired Bayside from Opus, a Minneapolis-based real estate developer and manager. It was DCT's fourth transaction with Opus and second in the Bay Area.

Dividend Capital Trust invests in commercial real estate properties consisting primarily of high-quality, generic distribution warehouses and light industrial properties net leased to creditworthy corporate customers.