Goldman Sachs Merchant Banking Division & Dalfen Industrial purchased 10 last mile properties. The recent acquisitions are located in Denver, West Palm Beach, Charlotte, San Antonio, and Fort Worth, bringing the partnership total to date to over 8 million square feet of infill industrial acquisitions, of which the partnership has successfully exited 9 assets totaling 896,205 SF.
Two of the acquisitions are located in the West Palm Beach market – a key location to service South Florida. Built in 1996, the 204,900 square foot property, Interstate Park Logistics Center, fronts I-95 and is 100% occupied by its long-term tenant, Serta. The Blue Heron Logistics Center is a 152,052 square foot industrial facility located on Blue Heron Blvd., the major thoroughfare through West Palm Beach. It is also in close proximity to I-95, US-1, and the Florida Turnpike. The property’s largest tenant is Fedex Home Delivery. Both properties are within ten miles of Palm Beach International Airport and less than five miles from the Port of Palm Beach. These assets are also unique because they feature large trailer yards in a land constrained market.
The Denver property, Aurora Center at Gateway I, is a 75,000 square foot industrial property located in the northeast submarket nearly halfway between downtown Denver and the Denver International Airport. The property resides in the Denver’s largest submarket and is within a 30-minute drive of 1.8 million people – half of the Denver MSA population. The partnership also acquired CLT Fulfillment Center in Charlotte, North Carolina – a 58,160 square foot facility just south of Charlotte Douglas International Airport.
The overall portfolio grew by 6 industrial buildings in Texas – a state that continues to see rapid population growth and influx of businesses to the state. Mark IV Commerce Center is a newly constructed, three-building, 1,025,500 square foot industrial park Fort Worth, Texas. At the major intersection of I-35 and I-820, these assets are located in one of the fastest growing submarkets in the Dallas/Fort Worth metroplex. Mark IV is in close proximity to three airports – Dallas/Fort Worth International Airport, Alliance Airport, and Meacham International Airport. The other three Texas assets are located in Schertz, Texas, a rapidly growing submarket of San Antonio. Located between the San Antonio MSA and Austin MSA, these last mile locations allow tenants to service 3.5 million people. Built in 2016, Tri-County 5 & 7 total 211,950 square feet. Built in 2018. Schertz Distribution Center is a 187,288 square foot property is within a mile of the Tri-County properties. The three Schertz properties are almost 80% occupied at time of acquisitions including tenants such as Brinks and TJ Maxx.
“Dalfen Industrial is excited about the expansion of our partnership with Goldman Sachs with the addition of eleven more best-in-class, last mile industrial properties in key markets,” said Sean Dalfen, President & Chief Investment Officer at Dalfen Industrial. The partnership between Dalfen Industrial and Goldman Sachs now sits at 52 properties totaling 7.13M square feet in 19 major US markets in 10 states.
About Dalfen Industrial
Dalfen Industrial is one of the nation’s largest buyers of industrial real estate and is a leader in the last-mile property sector. Their investment focus is on strategically located urban infill warehouses and distribution buildings. Dalfen currently owns and operates millions of square feet of premier industrial properties throughout the United States.
About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.
