AGELLAN COMPLETES DISPOSITION OF DISTRIBUTION CENTER IN DALLAS

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DALLAS — Agellan Commercial REIT has completed the sale of 5800 W. Kiest Blvd. in Dallas to a third-party purchaser. The property, Kiest Distribution Center, is a single-tenant building containing 343,617 square feet. It is 100 percent leased to RSI Home Products Manufacturing Inc. with 2.8 years left on the lease. The sales price was $11.6 million before closing costs, representing an in-place capitalization rate of 7.4 percent. The sales price is an increase of $1.6 million, or 16 percent, from the price paid by the REIT when it bought the property in January 2013.

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