Mapletree Sells 1.4 MSF Logistics Portfolio for $208M
The collection consists of 19 mid- and shallow-bay industrial assets.
Mapletree Investments has sold a 1.4 million-square-foot portfolio of mid- and shallow-bay industrial properties to Dalfen Industrial for $207.5 million.
The logistics portfolio comprises 19 warehouse assets in key U.S. distribution markets; 13 are in Dallas–Fort Worth, four are in Chicago, and Cincinnati and Indianapolis have one each.
This transaction reportedly is Mapletree’s fifth U.S. warehouse portfolio divestment, following nearly $1.3 billion in total logistics asset sales completed since June 2025.
John Paul Chua, Mapletree’s director of U.S. investment, said in prepared remarks that this was Mapletree’s first transaction with Dalfen. Jack Fraker, Dom Espinosa and Travis McEldowney of Newmark represented Mapletree in the transaction.
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The divested assets had been held under Mapletree US & EU Logistics Private Trust (MUSEL), a closed-end private fund launched in 2019 with a diversified pan-American and pan-European portfolio totaling $4.3 billion in assets under management at the fund’s inception. The original portfolio comprised 262 strategically located assets, well-connected to transportation nodes and benefiting from robust demand across sectors including e-commerce, third-party logistics and consumer products. This sale represents the successful fifth milestone of exit for investors of MUSEL, Mapletree reported.
Demand vs. supply
Although the Dallas–Fort Worth industrial space market has been experiencing “increased absorption and leasing activity,” increased deliveries meant that vacancy in the fourth quarter decreased by only 10 basis points, according to a fourth-quarter report from Partners Real Estate.
Deliveries totaled 6.7 million square feet in the final quarter of 2025, “a sharp 82 percent increase from the previous quarter and 30.6 percent from the previous year,” Partners reported. Meanwhile, they added, “quarterly net absorption increased significantly by 79.1 percent to 7.7 million square feet,” almost all of which consisted of warehouse/distribution properties.
Of note with respect to the Mapletree-Dalfen deal, Partners reported that investment sales of industrial properties in the Metroplex totaled $2.4 billion for all of 2025.
One of Mapletree’s earlier divestments of a slice of its industrial portfolio closed barely a month ago. That sale, to EQT Real Estate, encompassed 4.4 million square feet across 25 assets in Connecticut, Florida, Georgia, New Jersey, North Carolina, Pennsylvania, Tennessee, Virginia and Washington, D.C.
As for Dalfen, this past November the company acquired a 1.3 million-square-foot portfolio consisting of 13 last-mile facilities in West Sacramento, Calif., from Blackstone for $155.3 million.
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