Dalfen Industrial Sells South Florida Buildings for 30% Gain

Dalfen Industrial cashed out of a Palm Beach County warehouse complex for $79.6 million, marking a 31.4 percent gain from its 2021 price as the market rebounds.

An entity tied to Dallas-based Dalfen Industrial and Goldman Sachs sold the Turnpike Logistics Center at 1673 and 1715 Meathe Drive in an unincorporated area of the county to Boston-based Cabot, according to records and real estate database Vizzda.

The price amounts to roughly $251 per square foot.

Dalfen paid $60.6 million, or about $191 per square foot, for the complex in 2021, when it was just completed.

Billionaire developer and investor Jeff Greene developed Turnpike Logistics Center, consisting of a 124,500-square-foot building and a 193,000-square-foot building on nearly 30 acres, property records show.

Tenants include Eastern Metal Supply, KNOX Stones and Vault Logistics.

Cabot, led by Franz F. Colloredo-Mansfeld, was founded in 1986 and has invested over $17 billion in logistics properties, according to its website.

This purchase brought its South Florida shopping spree to 1.3 million square feet of industrial space. The firm also bought the two-building McCoy Logistics Center in Orlando, according to a Cabot news release. It also bought an industrial building at 2850 Ranch House Road, south of Palm Beach International Airport, the release says.

In Cabot’s other South Florida deals, it sold the 231,000-square-foot warehouse at 3425 Meridian Parkway in Weston for $56 million in September, marking the eighth-largest industrial deal in South Florida last year. Cabot paid $38.7 million for the Pompano Business Center II, a 137,00-square-foot facility at 3001 West Copans Road in Pompano Beach.

Dalfen, led by Sean Dalfen, is an industrial investment firm, with more than $4.9 billion of assets under management across over 59 million square feet, according to its website. In South Florida, the firm sold Interstate Park Logistics Center at 3774 Interstate Park Road North in Riviera Beach for $55 million in 2024, and it bought the 192,000-square-foot warehouse at 5770 Miami Lakes Drive in Miami Lakes for $30.1 million in October.

Palm Beach County’s industrial market rebounded in the fourth quarter with a 6.8 percent vacancy rate, down from 7.2 percent in the previous quarter but slightly above the rate of 6.2 percent a year prior, according to Colliers. The drop in vacancy is partly due to a construction slowdown.

Overall asking rents reached $16 per square foot, triple net, higher than the $15.83 a foot in the third quarter and $15.90 in the fourth quarter of last year, according to Colliers. Countywide, absorption last year reached 142,000 square feet.