Dalfen America Corp (DAC) has sold 4707 E Baseline Road in Phoenix, Arizona. to Denver-based Industrial Property Trust (IPT) for USD14 million. Mike Parker and Evan Koplan with CBRE’s Phoenix office negotiated the transaction.
Built in 1996 and recently renovated, the Class A 128,300 square-foot, single-tenant industrial property is fully leased for 10 years to Independent Electric Supply Co., a subsidiary of Sonepar USA. Sonepar is a global market leader in distribution of electrical products who employs over 40,000 people and has 2,600 offices worldwide.
Through its Opportunistic Industrial Fund Ashrei II, DAC acquired the property vacant in 2013 through an off market transaction for USD7.5 million from Hawaii-based Holualoa.
Sean Dalfen, President and CIO, says: “Our acquisitions team did an excellent job every step of the way executing our strategy in buying a well located and high quality property below replacement cost. Our asset management team was quickly able to work their magic, taking a vacant building and fully leasing it to a credit tenant. When we buy at USD59 per square foot and sell at USD110 per square foot, I’m confident in saying our team did a great job.”
Although Dalfen America is strategically disposing of assets it acquired through its 2012 opportunity fund, DAC continues to be one of the most active buyers of industrial real estate in the country and has closed on properties in excess of USD130 million in Texas and Ohio.