DCT Industrial Trust Inc. (DCT - Snapshot Report), a real estate investment trust (REIT), recently revealed that its development project – DCT Commerce Center at Pan American West – in Miami is 100% leased. Notably, the company completed the construction of the property in Apr 2013.
DCT Commerce Center at Pan American West, which is positioned in the Airport West submarket, comprises 2 buildings spanning 334,000 square feet. The project experienced a huge demand since its course of development.
Prior to the completion of construction, the project was 82% leased. In second-quarter 2013, DCT Industrial inked 2 deals leasing the remaining space at the property, thereby making the property fully occupied.
The above-mentioned move evinces DCT Industrial’s expertise in the identification and development of projects with strong growth potential. Moreover, with a larger customer base, an increase in e-Commerce application and supply chain consolidation, the demand for logistics infrastructure and efficient distribution networks has risen. DCT Industrial is poised to benefit from its proficiency in offering modern distribution facilities through acquisitions and development projects in strategic infill locations.
DCT Industrial also has a strong customer base of over 800 industry-leading companies such as ConAgra Foods, Inc. (CAG - Analyst Report), Ford Motor Co. (F - Analyst Report) and Xerox Corporation (XRX - Analyst Report). Such a diversified tenant base provides the company a significant competitive edge over its peers.
DCT Industrial 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 Mar 31, 2013, the company owned about 74.5 million square feet of properties, including 14.2 million square feet managed on behalf of 4 institutional management partners.
DCT Industrial currently carries a Zacks Rank #2 (Buy).