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Dallas firm continues West Coast push with Inland Empire warehouse
Buy in $20M range is Dalfen’s eighth in past seven months
Dalfen Industrial continues to expand on the West Coast, this adding a newly-built Inland Empire warehouse that could accommodate some offices.
Dalfen, an investment firm based in Dallas, acquired the 80,527-square-foot industrial property at 212 Markham Street in Perris, according to a press release. Dalfen declined to provide the purchase price for the transaction.
The building was put on the market with an asking price of $20.1 million, according to a brochure from brokerage firm RE/MAX. Warehouses throughout Southern California have been selling at a torrid clip in recent months.
The two-story building Dalfen got could be divided between a warehouse and an office, according to a listing in Commercial Exchange. The warehouse portion spans 51,763 square-feet. The office area, meanwhile, spans 28,764 square feet.
The deal represents Dalfen’s eighth acquisition on the West Coast in the past seven months.
“Adding strategically located West Coast industrial assets is crucial to our growth strategy and ability to provide last mile distribution facilities in the major U.S. markets.” said Dalfen President and Chief Investment Officer Sean Dalfen.
The Inland Empire has recently been the site of large acquisitions involving industrial properties. Dallas-based Covington Group last month closed the priciest transaction in the area this year. The firm bought seven industrial buildings in Victorville, near Southern California Logistics Airport, for $252 million. The properties, which total 3.4 million square feet, are leased to tenants such as Boeing, Newell Brands, M&M Mars and Plastipak Packaging.
Not only was the sale the priciest industrial sale in the area this year, it was also the largest in terms of square footage. It surpassed Pacific Investment Management’s $123.5 million purchase of a 1.1 million square foot portfolio from the third quarter.
Other large transactions that have recently closed in the area include Blumenfeld Development Group’s acquisition of a 333,600-square-foot Perris warehouse and Rexford’s $54 million deal for a 360,000-square Ontario building.