Dallas-based Dalfen Industrial and New York-based Goldman Sachs Alternatives have acquired a 21-building portfolio of infill logistics properties in several states for nearly $300 million, according to reports. The two companies have worked together since 2020, focusing on last-mile industrial properties and distribution centers.
The properties across Dallas, Las Vegas, Cincinnati, and Pennsylvania were purchased from Blackstone Inc. for $293 million, Bloomberg reported.
The newly acquired, 2.1-million-square-foot portfolio is 92% leased to 68 tenants, including prominent names such as Amazon, Red Bull, and Packaging Corp. of America.
“Our success in executing on a multi-market transaction is attributable to our regional structure and deep market knowledge,” Mike Cohen, head of acquisitions at Dalfen Industrial. said in a statement. “Our local presence helps our teams deliver strong operating performance resulting in meaningful portfolio value creation.”
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Biomed Labs and Scapa Healthcare have a presence at 8181 Eastpoint in Dallas, one of the properties involved in the acquisition. [Photo: Dalfen Industrial]
Dalfen Industrial President and CEO Sean Dalfen emphasized the transaction’s value-driven nature.
“Dalfen Industrial is excited about adding exceptional assets in strong submarkets with substantial barriers to entry,” he said in a statement.
“The portfolio features a diversified rent roll across modern, well-located buildings in markets we know intimately,” he added. “Acquired at well below replacement cost, we see significant potential to enhance value through strategic improvements and capturing upside as below-market leases roll over.”
Growing partnership in logistics assets
With the acquisition, the partnership between Dalfen and Goldman Sachs now totals 94 buildings and 19 million square feet in major U.S. markets, solidifying its position as a market leader in industrial real estate.
“This acquisition fits our strategy to invest in assets that benefit from thematic trends such as the growth of e-commerce, onshoring, and supply chain disaggregation in locations with favorable consumer and labor market dynamics,” Chance Monroe, managing director in real estate at Goldman Sachs Alternatives, said in a statement. “We’re excited to continue to grow exposure to logistics assets in these markets.”
Dalfen Industrial LLC specializes in strategically located infill warehouses and distribution centers, with a portfolio exceeding 50 million square feet.
Goldman Sachs has invested more than $500 billion in alternative assets, including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability.
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