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MEADOWLANDS, N.J. — DCT Industrial has purchased an industrial property located in the Meadowlands submarket of New Jersey for $17.5 million. The deal was a sale-leaseback transaction between DCT and the property's sole tenant. The building contains 330,000 square feet of light manufacturing and distribution space. it was purchased for 30 to 35 percent of replacement cost and is expected to generate a year-one cash yield of 9.7 percent. Following the tenant's lease expiration, DCT will reposition the property as a multi-tenant, bulk distribution building.