MONTREAL, QUEBEC--(Marketwired - Sept. 18, 2013) -
Editors' note: Three photos are associated with this press release.
Dalfen America Corp. (DAC) today announced the closing of $47MM worth of acquisitions and dispositions of industrial properties. The transactions include the acquisition of 4 Class A buildings and the sale of 5 buildings.
DAC's latest acquisitions, totaling approximately 300,000 square feet, are located in Minneapolis, MN; Phoenix, AZ; and Plainfield, IN. These investments were made through its Opportunistic Industrial Fund, Ashrei II. The remaining $110MM of capital in this fund will be deployed over the next 12 to 18 months.
The property located at 1570 S Perry in Plainfield, IN was acquired through a bankruptcy trustee sale. The former FundEX corporate headquarters, totals 109,900 square feet and has additional land allowing for the construction of a second building or the potential expansion of the existing facility. The property was built in 2006, has 32' clear ceiling height and is ideally located 4 miles from the Indianapolis International Airport.
Acquired in an off market transaction, the property located at 4707 East Baseline Rd in Phoenix, AZ totals 136,683 square feet and was built in 1996. The concrete tilt-up facility has 26' clear ceiling height, 10 dock-high doors and high quality office finish. The seller was Holualoa, an international property owner and developer.
The Xylon Commerce Center Phases I & II, which were built in 2002, is located in Brooklyn Park, a vibrant industrial sub-market of the Minneapolis St-Paul area. After having acquired the non-performing mortgage note back in July 2013, DAC has recently been transferred ownership of the 58,000 square-foot properties.
Managing Principal & Chief Investment Officer Sean Dalfen comments "Our ability to consistently source high quality real estate through a myriad of different avenues is a direct result of the strong relationships we have developed and maintained." He adds, "These acquisitions reflect our strategic focus to build a substantial industrial portfolio in select markets like Phoenix, Minneapolis and Indianapolis."
Over the past 2 months, DAC has sold approximately 600,000 square feet of properties from its Opportunistic Industrial Fund, Ashrei I, after adding significant value through leasing, building improvements and successfully taking ownership of the properties secured by the non-performing loans that they had acquired. Recent sales include, amongst others, the Warner Commerce Park located in Phoenix, AZ; the Cedar Street Industrial Complex in Lino Lakes, MN; the Main Street Distribution Center in Jacksonville, FL; and the Valley Freeway Commerce Center Phases I & II in Henderson, NV.
Robert Kurlender, Director of Capital Markets at DAC added, "Over the past 18 months, a resurgence in the debt markets coupled with an increase in institutional appetite for commercial real estate has led to strong demand for functional, high quality properties. This has translated extremely well for the sale of a number of the assets we've acquired and successfully repositioned in our Opportunistic Industrial Fund, Ashrei I."
Over the past 30 months, through its Ashrei Opportunistic Industrial Funds I & II, DAC has closed on 59 buildings and 4MM square feet of land across the US and Canada, making it one of North America's most active buyers of opportunistic and value-added industrial properties and loans.
Dalfen America Corp. is an investment arm of the Dalfen Group, a leading private equity real estate firm headquartered in Montreal, Canada with regional offices in Orlando, Dallas, Tampa and Las Vegas. Through its investment funds, separate accounts, and strategic joint ventures, DAC acquires and manages commercials properties and securities throughout North America.
The photos associated with this press release are available at the following addresses:
http://www.marketwire.com/library/20130917-Perry-800.jpg
Contact Information:
514-938-1043
press@dalfen.net
For Capital Markets related Inquiries:
Robert Kurlender
Director of Capital Markets
514-938-8454
rkurlender@dalfen.net
