Dalfen Industrial and Centerbridge Partners Announce Industrial Outdoor Storage Venture

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Apr 06, 2023, 13:00 ET

DALLAS, April 6, 2023 /PRNewswire/ -- Dalfen Industrial, one of the nation's leading owners of last mile industrial real estate, and Centerbridge Partners, L.P. ("Centerbridge"), a leading global private investment firm with deep experience in real estate, today announced the formation of a joint venture (the "Joint Venture") focused on acquiring industrial outdoor storage ("IOS") properties across the United States, as well as announced the Joint Venture's inaugural acquisition in Oakland, CA.

The Joint Venture will invest in industrial outdoor storage properties that provide storage space for vehicle parking as well as storage for containers, trailers, construction materials, and machinery. Target markets for the Joint Venture include those with the highest quality major ports and key logistics nodes appealing to a broad user base. Industrial outdoor storage properties are a mission-critical component of supply chains, benefiting from similar tailwinds as traditional industrial real estate. The low supply of IOS sites has been further constrained by conversion to traditional warehouse use, leaving even less availability for IOS with the requisite zoning.

"As the demand for fulfillment and distribution infrastructure continues to grow, the opportunity to provide additional outdoor storage is essential to the movement of goods across the supply chain, especially given the lack of availability amongst IOS space today," said Matt Dabrowski, Senior Managing Director at Centerbridge. "We are excited to partner with a highly established, national platform such as Dalfen to build a market leading IOS portfolio."

Sean Dalfen, President & CEO at Dalfen Industrial stated, "This Joint Venture allows Dalfen to combine its last mile industrial expertise and local market presence with Centerbridge's deep experience in driving growth across fragmented, niche asset classes to source attractive IOS properties and build a scalable portfolio in the best markets throughout the United States."

Stifel served as exclusive financial advisor in support of forming the Joint Venture.

About Dalfen Industrial

Dalfen Industrial is one of the nation's largest buyers and developers of industrial real estate and is a leader in the last-mile property sector. Their investment focus is on strategically located urban infill warehouses and distribution buildings as well as the industrial outdoor storage adjacency. Dalfen is a vertically integrated operator and developer and currently manages more than 45 million square feet of industrial properties across the country through their twelve North American offices.

About Centerbridge

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Real Estate, Private Equity and Private Credit — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and as of January 31, 2023 has approximately $36 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com.

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SOURCE Dalfen Industrial