MONTREAL, Quebec, May 15, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Dalfen America Corp. (DAC) announced today the sale of Stone Mountain Industrial Park, a multi-tenant industrial property located in Stone Mountain, Atlanta, GA. The property was sold to a local investor broker, who closed the deal in late Q1 of 2014.
In June 2011, DAC acquired the note from a well-known life insurance company and negotiated a deed-in-lieu of foreclosure with the borrower shortly thereafter. Following the ownership transfer, DAC implemented its game plan to reposition the park. The property was extensively renovated and all vacancies were brought to lease ready condition. Through hands on operational expertise and local market understanding, the property's occupancy was successfully increased from 40% to 87%. DAC attributes its consistent track record of successfully repositioning properties to its belief that effective value creation is accomplished through a tailored, asset specific, approach.
The sale of the Stone Mountain Industrial Park is part of DAC's ongoing strategy to monetize assets acquired through its Ashrei I opportunistic industrial fund. Conversely, through its separate accounts, development arm and its current value added fund, DAC continues to add to its rapidly growing portfolio of class A industrial properties in select North American markets.
About Dalfen America Corp.
Dalfen America Corp. (DAC) is a private real estate investment manager and a hands on real estate operator that is focused on acquiring, developing and operating industrial real estate throughout the United States. DAC currently owns and manages millions of square feet of premier commercial properties in the U.S. and in Canada, through its Canadian counterpart, Dalfen's Limited.
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