By Rachel Whaley CoStar Research
Dalfen Industrial has purchased two distribution facilities in Lancaster County, expanding its portfolio in Pennsylvania.
The industrial investor and developer acquired the pair of properties from TA Realty for $70 million. TA Realty acquired the two buildings in separate transactions between December 2020 and February 2021.
The two properties involved in the deal include a brand new, 252,800-square-foot facility at 601 Stony Battery Road in Landisville and a 320,000-square-foot facility at 35 Conewago Road in Elizabethtown that was built in 2018. The Elizabethtown facility is fully leased by Grove Collaborative, according to CoStar data. Both buildings feature characteristics highly demanded by e-commerce tenants, including high clear heights, a large number of loading docks, ample parking and modern office space, according to Dalfen.
"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."
With this purchase and its development in Lehigh Valley, Dalfen now owns and operates close to 2 million square feet in Pennsylvania.
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