The industrial outdoor storage (“IOS”) joint venture between Dalfen Industrial (“Dalfen”) and Centerbridge Partners, L.P. (“Centerbridge”) has acquired two additional coastal IOS properties located in California and New Jersey, further expanding the venture’s existing portfolio in coastal, infill industrial markets nearby ports and key logistics nodes.
The Riverside, CA property is a 4.1-acre trailer storage yard in a prime Inland Empire location that provides direct access to the CA-91 and I-215, drawing from both the Ports of Los Angeles and Long Beach to the west and the surrounding logistics footprint. The venture plans to pave, light, and fence the property to deliver a secure, 24/7 truck parking facility with completion targeted by YE 2023.
“This acquisition plants our flag in the premier logistics market of the West Coast, with the opportunity to deliver Class A IOS product that is in limited supply and zoned for a high-demand tenant use across Southern California“, said Willis Fries at Dalfen Industrial. The acquisition complements the venture’s existing portfolio in California.
The Old Bridge, NJ asset is 6.9 total acres and is the venture’s first acquisition in the Central New Jersey market. The property is fully leased to two tenants utilizing the site for truck and trailer storage and has excellent access to ports of New York and New Jersey, as well as major highways including I-95, the Garden State Parkway and Route 9.
“Trailer storage sites are vital in port-centric markets. Redevelopment and increasingly restrictive zoning have made these types of properties difficult to replicate”, said John Lettieri, Market Officer at Dalfen Industrial. He continued “We are excited to grow our footprint in the New Jersey IOS market and intend to continue acquiring similar properties across Northern and Central New Jersey.”
Matt Dabrowski, Senior Managing Director at Centerbridge, remarked “These unique acquisitions complement our existing portfolio of infill properties located in high barrier to entry coastal markets.” He added, “As the criticality of IOS in the logistics ecosystem continues to grow, we are excited to offer additional properties catering to port-driven tenants.”
https://finance.yahoo.com/news/dalfen-industrial-centerbridge-continue-coastal-113300773.html