FOR IMMEDIATE RELEASE
SALES FOR DALFEN AMERICA CORP. MARK TAIL-END OF CAPITAL FUND
MONTREAL, Jan. 26, 2017/ -- Dalfen America Corp. (DAC) announced two industrial property sales in Phoenix, AZ, for a combined $8.2 million. The buildings were acquired through DAC’s Opportunistic Industrial Fund, Ashrei I. The sales mark the near-full divestment of the fund’s assets.
The Eastpoint Business Center, located at 3191 N. Washington St. in Chandler, AZ, was sold for $6.5 million to privately held investment company AICI LLC, headquartered in El Segundo, CA. The 77,303-square-foot property was purchased in 2012 for $3.46 million from Auction.com with a 67% occupancy rate. Interior and exterior renovations managed by DAC, including suite layout remodeling and exterior paint, brought the multi-tenant industrial property to a Class A listing investment. At sale, the property was 100% leased.
DAC acquired the property located at 480 W. Vaughn St. in Tempe, AZ, in 2013 from US Bank for $1.01 million. At time of purchase, the 24,948-square-foot single-tenant building was vacant and not functional. Significant building improvements included new office space and relocating the property entrance to allow trucks unrestricted access to loading doors. The property was sold to Bradley Smoker Company for $1.67 million.
Robert Kurlender, Director of Investments at DAC, said, “Over the past 5 years, we have performed tremendously well in the Phoenix market. Given Ashrei I’s shorter time horizon coupled with having fully maximized value on both of these projects, it was truly time to sell. Nevertheless, we continue to actively seek additional opportunities in the Phoenix area for our current fund.”
Ashrei I investments include acquisitions in eight states: IN, MI, NC, TX, FL, AZ, MN, and SC. The Eastpoint Business Center and Vaughn St. properties mark the tail-end of the fund investment life cycle. Over the past four years, through its Ashrei Opportunistic Industrial Funds I & II, DAC has acquired 51 buildings with transactions totalling over $300 million. With one building remaining in the Ashrei I fund and Ashrei II approaching full capital deployment, DAC announced plans to begin raising investor capital for Ashrei III.
ABOUT DALFEN AMERICA CORP.
Dalfen America Corp. (DAC) is a leading private equity real estate firm specializing in acquisition, development and operations of commercial property throughout the United States and Canada. Its commercial holdings are broadly diversified, encompassing industrial, office, retail, self-storage and land development. DAC is one of North America's most active buyers of opportunistic and value-added industrial properties and loans and currently owns and manages millions of square feet of property through its Canadian investment arm. For more information visit Dalfen.com.
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