Dalfen Industrial Acquires Newly Developed Central New Jersey Property

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Jul 18, 2023, 09:42 ET

DALLAS, July 18, 2023 /PRNewswire/ -- Dalfen Industrial has acquired a 99,714 square foot industrial building located in Somerset, NJ, which is less than 15 miles to Exit 10 of the New Jersey Turnpike and 35 miles to the New Jersey ports, the busiest container terminals on the east coast. The building acquisition was sourced off-market by Joel Lubin and Gary Politi of JLL.

Shortly after its acquisition, Dalfen leased the entire premises to Scentbird, Inc., a fragrance subscription service company. Chuck Fern with Cushman & Wakefield represented the tenant.

The property, constructed in 2023, offers Class A building amenities including a 36' clear height, 14 loading doors, ESFR sprinkler system, and 62 car parking spaces. The infill submarket of Somerset has sub 3% vacancy rates because of its strategic last mile location and lack of developable land and Class A supply.

"Dalfen is excited to announce its first value-add acquisition in Central New Jersey. Acquiring a new industrial property in a submarket with a strategic infill location makes this property an attractive option for tenants and a great addition to our portfolio," said Michael Cohen, Head of Acquisitions for Dalfen. "We intend to continue acquiring and developing last mile properties in this market in the near future."

"The proximity to labor, rooftops and major transportation corridors makes Somerset an ideal last mile location," said John Lettieri, Market Officer. "With a modern warehouse design and the ability to immediately occupy, the property garnered a significant amount of interest from tenants and leased quickly after closing."

Dalfen Industrial acquired and developed over 2.3 million square feet in its Northeastern region in the last 24 months.

About Us
Dalfen Industrial LLC, headquartered in Dallas, is one of the largest buyers of industrial real estate 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.

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SOURCE Dalfen Industrial