GARLAND, TEXAS--(Marketwired - Dec. 2, 2014) -
Editors Note: There is a photo associated with this press release.
Dalfen America Corp. ("DAC") today announced the sale of the Firewheel Distribution Center, a 100% leased class "A" industrial park in Garland, TX.
In 2010, DAC acquired the class "A" multi-tenanted industrial park through its opportunistic fund Ashrei I, from BBVA Compass Bank, who had foreclosed on the property earlier that year. At the time of acquisition, the property was only 15% occupied and the remaining 85% of the building was in raw shell condition.
Through hands on management and proactive leasing measures such as spec suite construction, DAC's operations team successfully brought the park's overall occupancy to 100%. The property's largest tenant is Atlas Copco Drilling, a world-leading provider of sustainable productivity solutions present in 180 countries, whose global headquarters for drilling solutions is located directly adjacent to the park.
Sean Dalfen, Managing Principal and Chief Investment Officer of DAC, commented "The sale of this asset exemplifies the successful execution of our strategy to acquire well located, top quality properties in growing markets, with solvable problems. We then apply our take-charge approach to management, leasing and capital improvements, which ultimately leads to significant value creation."
Jack Fraker, Josh McArter, Jonathan Bryan and Heather McClain from CBRE represented DAC in the sale to Atlas CP, a Dallas based real estate fund.
The Firewheel Distribution Centre, built in 2008, is comprised of two buildings totaling approximately 202,000 sf. Building A, located at 2350 Crist Road, is a distribution oriented property featuring 24' clear heights and ESFR sprinkle systems. Building B, located at 2360 Crist Road, is a flex property featuring great visibility, parking and high quality office appeal. Other significant tenants at the facility include: Milestone Electric, Accent Foods and The City of Garland.
DAC is a leading real estate investment manager, specializing in industrial assets across the US and Canada. As hands-on operators, its multidisciplinary team of experienced real estate experts integrate local, regional and sector specific knowledge to acquire, develop and manage premiere logistics oriented facilities, business parks and multi-tenant distribution warehouses. DAC, is one of North America's most active industrial real estate companies, and currently owns and manages millions of square feet of property in the US and Canada through its Canadian investment arm.
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Contact Information:
514-938-1043
jberzins@dalfen.com
www.dalfen.com
