Starwood Capital Group has acquired a portfolio of 38 warehouses for $685 million. This transaction, finalized earlier this month, reflects the increasing demand for facilities that can support the rapid growth of e-commerce and evolving supply chain strategies.
The portfolio, previously owned by Goldman Sachs Group and Dalfen Industrial, comprises properties spread across major metropolitan areas, including Dallas, Atlanta, Nashville, and Austin. These locations are crucial hubs for distribution, offering proximity to large consumer bases and key transportation networks. Eastdil Secured brokered the deal.
Sean Dalfen, CEO of Dalfen Industrial, told Bloomberg that the warehouses are currently 89% leased. The tenant roster includes e-commerce giant Amazon, grocery chain Kroger, pharmacy retailer Walgreens Boots Alliance, and sporting goods manufacturer Wilson Sporting Goods.
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Dalfen Industrial will continue to operate the portfolio despite the change in ownership. "We look forward to collaborating with Starwood to create additional value in this exceptional portfolio, strategically located in key metro markets,” Dalfen said in a statement.
The acquisition aligns with broader trends in the industrial real estate sector. According to projections from JLL, e-commerce is expected to maintain a robust growth rate of nearly 9% annually and drive demand for last-mile properties.
JLL's analysis suggests that the industrial property sector is "poised for continued growth" as more companies adopt near-shoring strategies to enhance their supply chain resilience. This shift towards localized production and distribution partly responds to recent global supply chain disruptions and aims to reduce logistical risks while improving delivery times.
While the market has seen a significant influx of new industrial properties in recent years, demand continues to outpace supply in many key areas. The properties acquired by Starwood are particularly valuable due to their proximity to major metropolitan areas.
The transaction also reflects Starwood's strategy to expand its presence in the industrial real estate sector. Although a spokesperson for the company declined to comment on this specific deal to Bloomberg, the firm's track record suggests a long-term commitment to capitalizing on the growth potential of logistics-focused properties.
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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.
