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 - Get Report), W.P. Carey ( WPC - Get Report) 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.

With operating fundamentals that compare favorably with W.P. Carey and Lexington Realty Trust ( LXP - Get Report), Chambers Street owns and invests in larger box assets, primarily office (25%) and industrial (25%). With assets under management of around $3.2 billion, Chambers Street has built a well-aligned portfolio that consists of 129 properties and around 34 million square feet.

The majority of Chambers Street properties are located in the U.S. and no market represents more than 10% in the company's portfolio. Many of the properties are located in gateway markets such as metropolitan New York City and the Washington, D.C., metro area.

In addition, Chambers Street has around 9% exposure in Europe -- 4.1% in Europe and 4.9% in Germany (the combined European portfolio has 13 properties valued at around $335.8 million). Chambers Street's largest tenant (by exposure) is Amazon ( AMZN - Get Report) with around 6.6% concentration.

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 - Get Report)).

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.

Having roots in the retail-based non-traded REITs sector, I suspect that Chambers Street will thrive, especially with its dividend policy. This could be a good buying opportunity as Chambers Street expects to price its shares toward a mid-range of $10.35. That means a dividend yield of around 5%.

My recommendation: Grab shares in the low $9s ($9-$9.25) and you may have another "sleep well at night" REIT.

At the time of publication the author had no position in any of the stocks mentioned.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.