By McKenna Leavens, PERE
The firm purchased the Diablo Logistics Center via a value-add industrial fund.
Last-mile logistics specialist Dalfen Industrial has purchased two Las Vegas industrial assets for $35.2 million, according to a source familiar with the deal.
The Dallas-based firm purchased the buildings through its Dalfen Last Mile Industrial Fund V, the source said. Dalfen launched the value-add vehicle in September 2021 and held a final close in December 2023 on $562 million, passing its $500 million target size and making it the firm’s largest fund to date, according to data from affiliate PERE.
Known as the Diablo Logistics Center, the buildings total 144,000 square feet and are 100 percent leased to seven different tenants. Built in 2002, the center is near major interstates, the Las Vegas Strip and Harry Reid International Airport.
In March, a joint venture between Dalfen and Goldman Sachs Asset Management sold a portfolio of 38 warehouses to Starwood Capital for $685 million, as reported. Dalfen originally purchased the properties in the portfolio via a separate account with Goldman and equity from Dalfen Last Mile Fund IV and Last Mile Fund V.
In January, the joint venture purchased a nine-property industrial portfolio from Blackstone for $293 million, with Dalfen contributing equity from its Last-Mile Fund V.
Dalfen has $4.7 billion in assets under management.
In recent quarters, supply has outpaced demand in the Las Vegas industrial market, pushing the vacancy rate to 11 percent in Q1, marking the seventh consecutive quarter of rising vacancies. Vacancy levels are expected to increase this year, as 3.8 million square feet of new space is expected to become available, according to an April report from Cushman & Wakefield.
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