Private/value-add small-bay activity — DRA Chicagoland, Dalfen, Greenstone Indy, Ares EQT growth
Key Questions
What portfolio did Dalfen acquire for $208M?
Dalfen purchased a 1.4 million SF industrial portfolio from Mapletree Investments for $208M, covering TX and Chicago areas, plus a 470kSF NJ ICE detention site facing lawsuits.
What Chicagoland deal involved DRA?
DRA acquired a 32-property Chicagoland portfolio for $200M, following Wells' $245M investment.
What Indianapolis sale did Greenstone broker?
Greenstone brokered the $4.8M sale of a fully leased 60,000 SF shallow-bay industrial building on Kitley in Indy.
Details on the Hillwood/Colliers Indiana transaction?
Hillwood and Colliers handled the $41.7M sale of a 554kSF distribution facility in IN to Yusen at $75/SF.
What pricing was achieved in Long Island City?
A two-story industrial property at 43-10 21st St. in LIC Queens sold for $359/SF, setting an infill pricing benchmark.
What is Kurv's involvement in South Florida?
Kurv paid $220M for a Pompano Beach portfolio at $268/SF, the biggest industrial trade there this year.
What New Jersey portfolio did JLL arrange?
JLL arranged the sale of a fully leased two-building industrial portfolio in Morris County, NJ.
What cap rates are seen in these value-add deals?
Deals show cap rates above 7%, with replacement costs up 30-50%, driving private/value-add small-bay activity in infill East Coast locations.
Dalfen $208M/1.4MSF TX/Chicago + 470kSF Rt.46 NJ ICE (lawsuit); DRA $200M/32 Chicagoland ($245M Wells); JLL 73kSF Morris NJ Faropoint fully leased shallow bay; Greenstone $4.8M/60kSF Indy; Mid Atlantic Baltimore $5.7M; Hillwood IN $75/SF; Kurv $268/SF; EQT AZ/NJ 2MSF $650M; >7% caps; East Coast infill $359/SF.