Black Creek Diversified Property Fund Sells Centerton Square in Philadelphia
October 31, 2017 | James Sprow | Blue Vault
On October 25, 2017, the REIT sold Centerton Square, a retail property in Philadelphia, for a total sales price of $129.6 million. The 426,999 net rentable square feet property had a net basis of approximately $75.8 million. With proceeds from the disposition, the REIT repaid a $75.0 million mortgage note secured by the property.
On October 17, 2017, the REIT disposed of an office property (“Jay Street”) in Silicon Valley, California, comprising 143,000 net rentable square feet for approximately $44.9 million. The property had a net basis of approximately $30.9 million. The Jay Street property was 100% leased as of September 30, 2017.
After giving effect to the disposition transactions above and other real property acquisition and disposition activity during the three months ended September 30, 2017, the following summarizes the REIT’s investments in real properties as of October 26, 2017:
Office properties: 15 properties in 12 geographic markets with 3,286,000 net rentable square feet and aggregate fair value of $1.145 billion.
Industrial properties: Four properties in four geographic markets with 1,389,000 net rentable square feet and aggregate fair value of $86.55 million.
Retail properties: 32 properties in 8 geographic markets with 3,325,000 net rentable square feet and aggregate fair value of $877.85 million.
In total, the REIT owned 512 properties in 19 different geographic markets with approximately 8 million net rentable square feet and aggregate fair market value of $2.109 billion.
Dividend Capital Diversified Property Fund Inc. amended its bylaws to reflect its new name, Black Creek Diversified Property Fund Inc., effective September 1, 2017. It also restructured its share classes, changing its outstanding unclassified shares, also referred to as Class E shares, to a formally designated class of E shares and changing its outstanding A, W and I shares to class T, D and a new version of I shares, respectively.
Black Creek is now offering any combination of its class T, S, D and I shares in its continuous-basis offering of up to $1.00 billion of common shares, comprising up to $750.0 million of shares in its primary offering and up to $250.0 million of shares under its distribution reinvestment plan.
Black Creek is an externally managed real estate investment trust that invests in a diverse portfolio of real properties and real estate-related debt and securities.
Learn more about Black Creek Group on the Blue Vault Sponsor Focus page.
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