NEW YORK ( TheStreet) -- On May 21, dividend investors will have a new option for owning REIT shares in a triple-net wrapper.Like many of the other leading freestanding REITs such as Realty Income (O), W.P. Carey (WPC) and American Realty Capital Properties (ARCP), Chambers Street Properties (with a new ticker of CSG) is set to unleash around $125 million in common stock that is targeted to trade at a price between $10.10 and $10.60 a share.
Chambers Street has many nationally recognized tenants that conduct operations in 25 distinct industries. This diverse tenant base provides for an attractive mix of defensive industries including pharmaceutical and health care, consumer products, and defense and aerospace. It's important to recognize that Chambers Street is not a new REIT. The company has actually been around since 2004 when it operated under the name of CB Richard Ellis Realty Trust. The initial capitalization was commenced when the company was an externally managed REIT with an initial $55 million private placement (common shares placed by Wells Fargo (WFC)). Since that time, Chambers Street has grown from $47 million to over $3.14 billion today. Most of the growth (89%) occurred after 2007 when the company acquired around $2.8 billion in assets (as a non-traded REIT). I like Chambers Street and I believe the management team, led by founder, President and CEO Jack Cuneo, will be a fine addition to the public REIT space.