DCT Industrial Trust Inc. (DCT), a real estate investment trust (:REIT), recently pre-leased its 652,000 square foot Slover Logistics Center development project in the Inland Empire West in Southern California. The lease was signed with a leading third-party logistics provider Distribution Alternatives, Inc.
The construction of Slover Logistics Center is expected to begin in the fourth quarter of 2012 and the project is expected to complete in the third quarter of 2013.
Despite the challenging economic environment, the company has been able to execute strong leases with its tenants. The successful pre-leasing of this project testify DCT Industrial's specialty in identification and development of projects which possesses good potential. The company expects to build a modern class A cross dock building to cater to the needs of its customers.
Earlier in the second quarter 2012,DCT Industrial leased 5.8 million square feet, up 45% on a year over year basis.
DCT Industrial is a leading 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 June 30, 2012, the company owned interests in, managed or had under development approximately 76.0 million square feet of properties, which have been leased to more than 900 customers. This includes 17.5 million square feet managed on behalf of five institutional management partners.
DCT Industrial currentlyretains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Duke Realty Corp (DRE) also holds a Zacks #3 Rank.
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