DALLAS, TEXAS–(Marketwired – Apr 6, 2016) –
Editors Note: There is a photo associated with this press release.
Dalfen America Corp. (DAC) today announced the sale of 4707 E. Baseline Road in Phoenix, AZ. to Denver-based Industrial Property Trust (IPT) for $14 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 $7.5 million from Hawaii-based Holualoa.
Sean Dalfen, President and CIO said of the sale: “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.” He added, “When we buy at $59 per square foot and sell at $110 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 $130 million in Texas and Ohio.
About Dalfen America Corp.
Dalfen America Corp. (DAC) is a leading industrial real estate investment manager and hands on real estate operator that is focused on acquiring, developing and operating industrial real estate throughout the United States. DAC currently owns and manages millions of square feet of premier commercial properties in the U.S. and in Canada, through its Canadian counterpart, Dalfen’s Limited.
For more information visit: www.dalfen.com