DALLAS, Aug. 10, 2021 /PRNewswire/ -- Dalfen Industrial announced the purchase of a 2-building, 572,800 square foot, Class A industrial portfolio in I-78/I-81 corridor of Pennsylvania. The Central PA submarket is the largest in the I-78/I-81 corridor and features some of the best labor demographics in the northeast as well as accessibility to highway and interstate infrastructure. The Central Pennsylvania industrial market is also experiencing rapidly rising rental rates for Class A product due to the current lack of available inventory.
The portfolio includes buildings in Lancaster and Elizabethtown. The Lancaster property (601 Stony Battery Road) is a brand new, 252,800 square foot building. The Elizabethtown property (35 Conewago Road) was built in 2018 and has 320,000 square feet. Each of the assets feature the characteristics highly demanded by today's e-commerce tenants such as high clear heights, a large number of loading docks, ample parking, and modern office space. The portfolio's mix between stabilized product in Elizabethtown and a recently delivered property in Lancaster provides Dalfen with the ability to benefit from existing cash flow and create value through lease-up of the vacancy.
"The fundamentals of this market and location near multiple major cities such as New York City, Philadelphia, Baltimore, and Washington D.C make these assets a great fit for our portfolio," said Sean Dalfen, President and Chief Investment Officer. "In addition to the proximity to major cities, the great workforce demographics, accessibility to major highways, and robust demand in the area further substantiate the strategic fit of these properties."
Robert Yoshimura and Joseph Hill of Lee & Associates of Eastern Pennsylvania brokered the transaction.
With this acquisition and the development in Lehigh Valley, Dalfen Industrial owns and operates close to 2M square feet in Pennsylvania.
Dalfen Industrial LLC 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. Dalfen currently owns and operates millions of square feet of premier industrial properties throughout the United States.
SOURCE Dalfen Industrial
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