Goldman Sachs Merchant BankingDivision is buying a stake in a 46-asset last mile industrialportfolio owned by Dalfen Industrial. The portfolio of over 6.3million square feet caters to e-commerce-oriented tenants and islocated in such metro areas as Atlanta, Dallas, Chicago, Orlando,Phoenix, Raleigh, Houston, Tampa, Baltimore, Minneapolis,Cincinnati, Columbus, Reno and Jacksonville. With 94% occupancy andan average property size of 126,000 square feet, the properties areleased to tenants such as Amazon, FritoLay, Brinks, CentralGarden & Pet,Pods, and Sherwin Williams.
The properties are valuedat $500 million, according toa source cited by Bloomberg.
E-commerce has been drivingindustrial property fundamentals for years but the pandemic hasaccelerated that trend. In May alone, e-commerce sales jumped92.7%. The expenditures for just April and May exceeded $53 billionin the US. Dalfen points to industry research that indicatesestimates that 400 million square feet or more of total additionalUS logistics real estate demand will be created in the next two tothree years as a result of this shift.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
