Dalfen Industrial Continues Industrial Outdoor Storage Acquisitions across West Coast

DALLAS, May 1, 2024 /PRNewswire/ -- Dalfen Industrial has announced the acquisition of five industrial outdoor storage ("IOS") sites along the west coast. The assets were acquired into a venture with Centerbridge Partners, L.P. ("Centerbridge"). The venture is rapidly expanding its portfolio within infill industrial markets with proximity to ports and key logistics infrastructure.

In separate transactions, Dalfen acquired two properties in Hayward - 847-877 Industrial Parkway and 23422 Clawiter Road. At acquisition, 847-877 Industrial Parkway was ±70% leased. Dalfen was quickly able to secure a new tenant and bring occupancy to 100%. 232422 Clawiter was acquired 100% leased with significant capital upgrades planned. Both sites offer strategic East Bay locations with convenient access to Hwy 238, Interstates 880 and 580, and proximity to the Port of Oakland.

In Southern California, Dalfen acquired a fully paved and fenced yard at 12371 Los Nietos in Santa Fe Springs, CA. The property has great proximity to the I-605/I-5 Interchange less than 3 miles away. Select capital improvements are planned prior to offering the site for lease.

Dalfen also acquired two IOS sites in Washington, 214 21^st Street SE in Auburn and 8328 South Tacoma Way in Lakewood. The Auburn site was acquired with highly accretive seller financing and is 100% leased to one tenant A ten year lease with a large regional landscaping company was signed concurrent with closing of the Lakewood site.

"These acquisitions fit the mold of our strategy of targeting coastal infill markets and demonstrates our ability to craft and execute a business plan," said Rich Weiss, Regional SVP at Dalfen Industrial. "As illustrated by the leasing velocity, these markets continue to see strong demand in this size range, and we'll continue to target comparable sites throughout Northern California, SoCal, Seattle and other select western metros."

"These acquisitions are consistent with our broader strategy of constructing a scalable, best-in-class IOS portfolio in the top markets throughout the United States," added Mike Cohen, Head of Acquisitions at Dalfen Industrial.

About Dalfen Industrial

Dalfen Industrial LLC, headquartered in Dallas, is one of the largest privately owned industrial real estate firms in the United States and is a leader in the last-mile property sector. Their investment focus is on strategically located urban infill warehouses and distribution buildings. Dalfen currently owns and operates millions of square feet of premier industrial properties throughout the United States. For more information, please visit www.dalfen.com.

About Centerbridge

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Real Estate, Private Equity and Private Credit — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and as of January 31, 2023 has approximately $36 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com.

Media Contact: Liz Morley, [email protected]

SOURCE Dalfen Industrial