Dalfen Industrial Sells Cincinnati Asset for $51M
- Feb 10, 2021
Dalfen Industrial has finalized the disposition of Capital Center Industrial Park, an 896,523-square-foot ensemble of 14 light industrial buildings in Cincinnati. TradeLane Properties paid $51.3 million to acquire the asset in the sought-after Tri-County submarket. JLL Capital Markets represented the seller.
Dalfen purchased the portfolio in February 2018. Located on 43.5 acres at 4554-4860 Interstate Drive in West Chester Township, Ohio, the properties are situated 3 miles of the junction of interstates 75 and 275, while central Cincinnati is within 20 miles south.
READ ALSO: Rexford Industrial Seals Deals Worth $73M
At the time of the sale, the industrial park was 93.5 percent leased to 65 tenants. Most of the buildings were erected in the 1970s and have undergone renovations throughout the years.
Senior Managing Director & Co-Head of JLL’s Industrial Capital Markets group John Huguenard and Senior Director Kurt Sarbaugh led the JLL team representing the seller, with the assistance of Executive Vice President Mark Volkman.
A recent JLL Industrial Outlook shows that leasing velocity has remained steady throughout 2020, with e-commerce, traditional retailers and 3PL players driving demand. Construction activity reached historical highs in Cincinnati, with more than 5 million square feet delivered last year. Coming into 2021, active projects are dispersed mainly in the Airport, Florence/Richwood and Tri-County submarkets.
In mid-2020, Dalfen announced its investor partnership with Goldman Sachs Merchant Banking Division. Throughout the year, the duo picked up more than 50 last-mile industrial properties in various U.S. markets, totaling roughly 7.1 million square feet. Last month, Dalfen expanded its Atlanta-area footprint with the purchase of a 320,500-square-foot, fully occupied asset in Dacula, Ga.