In the changing landscape of intelligent investment opportunities, real estate, often referred to as the "fourth asset class" along with stocks, bonds and cash, has become a more attractive resource for investors looking to diversify their portfolios. Now more than ever, investment in commercial real estate, especially in meaningful, mainstream asset class vehicles such as REITs (real estate investment trusts), is viewed as a wise choice for investors. Through the changing economic landscapes of the last two decades, Dividend Capital has acquired a reputation for success throughout North America. Its assets include a diverse range of product types, including retail, office, industrial, and land, with a strong foothold in retail, industrial and mixed-use commercial real estate investment. Dividend Capital Total Realty Trust owns approximately 19 million s/f in 31 geographic markets.
Since 2007, Dividend Capital has targeted the Northeast corridor for high quality retail investments. The company's foothold into the region began with the acquisition of the "Tedeschi Portfolio", a family owned assemblage of shopping centers carefully constructed and acquired over several decades. The Tedeschi Portfolio extends from Massachusetts to Connecticut and Rhode Island; a strategic acquisition which performs beyond expectations and provides a unique platform for further investment into the region. "The Northeast Region is a strong market due to high barriers to entry, limited per capita supply, and a healthy population base," said Greg Moran, senior vice president and chief investment officer. Subsequent acquisitions and partnerships thoughtfully expanded Dividend Capital's shopping center footprint from Washington D.C. to Boston. Within this corridor, the portfolio has grown to 31 shopping centers, with weighted focus on supermarket anchors. Recent acquisitions include The Springdale Mall in Springfield, Mass. and Saugus Plaza in Saugus, Mass.
Springdale Mall was redeveloped by Windalier Properties, an affiliate of Dead River Properties and Great Island Development, into a regional shopping center anchored by Lowes Home Improvement Center and Stop & Shop supermarket. Geoff Millerd of Cushman and Wakefield represented Windalier in the sale of the Stop and Shop which Dividend acquired in January. The shopping center serves the East Springfield community and is Dividend Capital's first investment in Western Massachusetts.
Saugus Plaza is located on the Rte. 1 retail corridor north of Boston. The property, sold by Cushman and Wakefield and acquired in 2011, is a unique strip center tenanted by Staples and Barnes & Noble. Unlike the core acquisition in Springfield, Saugus represents Dividend Capital's appetite and aptitude for well-positioned value add opportunities. Saugus Plaza is complimented by below market rents and shares its parking field with Home Depot. Over time, Dividend Capital and its local management team will work toward unlocking the value in this well positioned asset.
Dividend Capital Group believes innovative thinking is essential to recognizing real estate opportunities with remarkable potential. There is no substitute for experience, and a team of national and local industry leaders with diverse knowledge is critical to the company's success. Dividend Capital is based in Denver, Col. In the Northeast, Davenport Asset Management serves as the local conduit for tenant coordination, development, and asset management. KeyPoint Partners provides full service property management. Juan Prieto, president of Davenport Asset Management, said "The approach of the entire Northeast team is that of an owner and not that of a consultant. Our objective is to maximize property value, a commitment and working philosophy shared with Dividend Capital."
Together, Dividend Capital, Davenport, and KeyPoint leverage industry knowledge, tenant relationships and a systematic approach to a range of services including financing, leasing, repositioning and redevelopment of existing real estate assets. Davenport has direct experience orchestrating a broad range of asset management assignments from master planning regional mixed-use development to executing existing value-add endeavors. Principals of the company have built or acquired over 15 million s/f of commercial space in New England. Key Point is the largest third party property manager in New England. Its retail portfolio extends from Florida to Maine.
Looking forward, Dividend Capital will continue to expand its dynamic shopping center portfolio through valued relationships in the retail brokerage and tenant industry. Its ability to effectively operate and deliver strong returns is driven by positive relationships with tenants, brokers, and every local community in which Dividend Capital operates, with objectives which extend beyond investment and growth. "Dividend Capital strives to provide the best shopping experience that can be delivered to each local customer," said Austin Lehr, chief operating officer.
In 2010, Dividend Capital defined itself as one of the most powerful and adept real estate investors in North America with the acquisition of a $1.35 billion portfolio of properties from iStar Financial. Through a consistent track record of creative and insightful investments the company is recognized for financial depth, dependability, and aptitude. Dividend Capital brings with it an impeccable reputation for integrity, expertise and innovation, maximizing the value of its investment choices.