[ad_1]
Roxbury Logistics Center at 1879 Route 46 in Roxbury — Courtesy: Dalfen Industrial
By Joshua Burd
Dallas-based Dalfen Industrial has made its third deal in New Jersey in roughly six months, acquiring more than 470,000 square feet of newly built logistics space in Morris County.
The firm on Thursday said it purchased the Roxbury Logistics Center, located at 1879 Route 46 in Roxbury, in an off-market deal sourced by JLL. It noted that the facility was completed just last year, providing 40-foot clear ceiling heights, prebuilt office space, 48 docks and adequate parking for both cars and trailers in a submarket that has strong tenant demand and low vacancy.
JLL’s Joel Lubin, Gary Politi and Chris Hile arranged the transaction just north of Interstate 80. Terms were not disclosed.
“Dalfen is excited to expand our New Jersey footprint,” said Mike Cohen, the firm’s head of U.S. acquisitions. “The ability to acquire a state-of-the-art industrial property in a growing submarket with excellent proximity to I-80 and strong demographics makes Roxbury Logistics Center a great addition to our portfolio. We intend to continue growing our presence in northern New Jersey through acquiring and developing properties in last mile locations.”
The deal comes five months after Dalfen acquired a newly completed, 99,714-square-foot warehouse at 401 Cottontail Lane in the Somerset section of Franklin. Roughly a month later, it added a nearly seven-acre parcel at 299-369 Old Water Works Road in Old Bridge for $7.6 million.
Its newest acquisition comes in a submarket with high barriers to entry, the firm said, citing a lack of developable land and large concentrations of institutional ownership. Vacancy is near 5 percent, while nearby tenants include Amazon, UPS, and Seiko.
[ad_2]
Source link
