Dalfen-Led Venture Bets Big On Ohio with Two Million-SF Industrial Investment


Dalfen America Corp. (DAC) continues to be one of the most active buyers of industrial real estate in the U.S., this time partnering with New York City-based NorthStar Asset Management Group (NYSE: NSAM) to acquire a 2.07 million-square-foot portfolio comprised of 23 light industrial properties located in the Columbus, Cincinnati and Cleveland markets.

The portfolio, which includes buildings within World Park in Cincinnati; BWAY Industrial Complex in Solon; Park 82 in Strongsville; Westbelt West Commerce Center in Columbus; and South Pointe in Grove City, among others, is 94% leased to a tenant roster that includes The Home Depot, T-Mobile US Inc., Bosch Auto Parts, The Nexio Group and The Black and Decker Corp.

Sean Dalfen, president and CIO of DAC, earlier in the year noted the firm would carry out an aggressive expansion of its industrial portfolio over the next two years. Last month alone, the firm acquired 26 buildings for more than $130 million.

Touching on the company’s latest investment, Dalfen noted that these Ohio light industrial properties are located in markets with strong fundamentals and have some of the highest year-over-year rental growth in the country.

“The evolution of e-commerce has made it increasingly important for companies to have fulfillment facilities in infill metro locations in order to expedite delivery of goods to consumers,” said Dalfen. “These properties are ideally tailored to serve that demand.”

A Quebec-based real estate investment manager, DAC owns and operates 11.5 million square feet of commercial real estate throughout North America. The company’s latest investment was acquired through its core and industrial fund, Ashrei III.

Michael Caprile and Ted Staszak of CBRE’s Chicago office brokered the deal on behalf of the sellers, a joint venture comprised of Los Angeles-based Hackman Capital Partners and Square Mile Capital Management of New York City.

Additional information is available to CoStar subscribers at Comp #3557869

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