{"id":1004712601,"date":"2024-05-02T05:24:56","date_gmt":"2024-05-02T13:24:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004712601"},"modified":"2024-05-02T06:40:49","modified_gmt":"2024-05-02T14:40:49","slug":"dalfen-industrial-picks-up-five-ios-assets-on-the-west-coast","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dalfen-industrial-picks-up-five-ios-assets-on-the-west-coast\/","title":{"rendered":"Dalfen Picks Up 5 IOS Assets on the West Coast"},"content":{"rendered":"
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Dalfen Industrial’s purchase in Hayward, Calif. Image courtesy of Dalfen Industrial<\/figcaption><\/figure><\/div>\n\n\n

Dalfen Industrial has acquired five industrial outdoor storage sites on the West Coast. Two of the purchased properties are in San Francisco’s East Bay, two are in metro Seattle and one is located in Southern California.<\/p>\n\n\n\n

Richard Weiss, Dalfen Industrial’s regional senior vice president, West investments, told Commercial Property Executive<\/em> that the gross capitalization across the five deals was around $26 million.<\/p>\n\n\n\n

The assets were purchased from five unique sellers and were acquired into a venture with Centerbridge Partners L.P. The venture is rapidly expanding its portfolio within infill industrial markets and near ports and key logistics infrastructure.<\/p>\n\n\n\n

Property specifics<\/h2>\n\n\n\n

In separate transactions, Dalfen acquired two properties in Hayward, Calif.: 847\u2013877 Industrial Parkway and 23422 Clawiter Road. At acquisition, 847\u2013877 Industrial Parkway was some 70 percent leased. Dalfen quickly secured a new tenant following closing and brought the property to full occupancy. 232422 Clawiter was acquired fully leased with significant capital upgrades planned.<\/p>\n\n\n\n

Both sites offer access to Highway 238, Interstate 880, I-580 and the Port of Oakland.<\/p>\n\n\n\n

Dalfen also acquired two IOS sites in Washington State: 214 21st St. SE in Auburn and 8328 S. Tacoma Way in Lakewood. The Auburn site was purchased with highly accretive seller financing and is fully leased to one tenant. A 10-year lease with a large regional landscaping company was signed concurrent with closing on the Lakewood site.<\/p>\n\n\n\n

In Southern California, Dalfen acquired a fully paved and fenced yard at 12371 Los Nietos in Santa Fe Springs, Calif. The property is less than 3 miles from the I-605\/I-5 interchange. Select capital improvements are planned before offering the site for lease.<\/p>\n\n\n\n

Weiss said that the types of capital improvements Dalfen has planned are typical for IOS properties: parking lot upgrades, building refurbishments and deferred maintenance.<\/p>\n\n\n\n