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Dalfen Industrial buys vacant warehouse in New Jersey
By Taylor Collins CoStar Research
A warehouse built last year in in Lumberton, New Jersey, that has since remained vacant recently sold for $34.3 million to Dalfen Industrial, according to a report published on the company's website.
The Lumberton Logistics Center at 1800 NJ-38 is 219,123 square feet and features 40-foot ceilings, two drive-ins and 36 dock doors. The property also has 115 parking spaces.
Active Acquisitions developed the site starting in August 2022, wrapping up construction the next year. Pangea Mortgage Capital, which served as Active Acquisitions’ lender, took ownership of the property through a related entity in April 2024. Then Pangea sold the property to Dalfen Industrial on Dec. 19.
Dalfen's off-market purchase is part of the company's approach to buying "last-mile buildings in high barrier-to-entry population centers,” Keith Hontz, the firm's northeast market officer, told the Business Journal.
Based in Dallas, Texas, Dalfen operates out of 11 North American offices and has a portfolio exceeding 55 million square feet. The firm currently owns and operates nearly 4 million square feet across 14 properties in the Northeast.
Monday, January 6, 2025
Radnor Court office building sells for $36M
By Paul Schwedelson – Reporter, Philadelphia Business Journal
The three-story Radnor Court office building has sold, signaling the continued strength of the Main Line submarket.
New York-based investment bank Goldman Sachs sold the 127,000-square-foot building, located at 259 N. Radnor Chester Road in Wayne. The property was bought by Florida-based mortgage lender Freedom Mortgage for just over $36 million, according to industry sources, equating to about $285 per square foot.
Goldman Sachs bought Radnor Court in 2014 from Equus Capital Partners for $43.7 million.
Freedom Mortgage, one of the nation’s largest non-bank mortgage lenders, relocated its headquarters from Mount Laurel, New Jersey, to Boca Raton, Florida, in 2021. The firm services all 50 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
Freedom Mortgage declined comment.
Radnor Court is 82% leased and its tenants have a weighted average lease term of 8.6 years. The building serves as the corporate headquarters for Airgas, which recently extended its lease for 10 years, helping to boost its value. Airgas, a supplier of industrial, medical and specialty gases, leases 86,000 square feet. Professional services firm Aon is also among the tenants, leasing 9,000 square feet.
The office building sits northwest of the intersection of I-476 and Lancaster Avenue, between Radnor High School and SEPTA’s Regional Rail stop.
More than 25 prospective buyers toured the property. As of the third quarter of 2024, the Main Line submarket had a 14.5% office vacancy rate, making it one of the strongest performing submarkets in Philadelphia’s suburbs. The suburbs as a whole had an average vacancy of 26%. For trophy properties, the vacancy rate was 4% a result of the flight to quality that’s taken place among tenants in recent years.
“This bodes well for high-quality, well-located office buildings even in what we all recognize is a challenged office environment."
While a number of office sales in 2024 involved properties in distress or with high vacancy rates, Radnor Court didn’t have any debt and wasn’t a distressed sale, according to Rodio and Kershner. The sale of a healthy office property with strong occupancy indicates the sales market is loosening up.
In September, Brandywine Realty Trust sold the five-office, 521,288-square-foot Plymouth Meeting Executive Campus for $65.5 million, or $126 per square foot. While it was 77% occupied at the time of the sale, a major difference from Radnor Court is that the Plymouth Meeting submarket was 43% vacant as of the third quarter of 2024.
Full story: https://tinyurl.com/4rku8r67
