Square Mile Capital Management has originated a $127 million loan secured by a six-property, 1.2 million-square-foot industrial portfolio located in Palm Beach, FL, Central Pennsylvania, and Northern New Jersey.
The loan was made to Dalfen Industrial, one of the nation’s leaders in last mile industrial properties, along with an institutional joint venture equity partner, who are acquiring the newly delivered properties from three different sellers.
The financing was arranged by Campbell Roach, Chris McColpin, and team from JLL’s Dallas office.
Square Mile Capital Principal Eric Cohen commented, “Institutional sponsorship along with the vintage and quality of the real estate in supply constrained industrial submarkets made this opportunity very compelling. We are seeing increasing reliance on e-commerce which further drives already surging appetite for last mile logistics and other industrial space and we expect this diverse portfolio to be the beneficiary of this demand.”
Five of the six assets were built between 2018 and 2021, with the sixth asset currently under construction with completion slated for July 2022. Each of the properties has features that large, institutional tenants require, such as clear heights ranging from 32’ to 36’ and ample dock doors and parking spaces. Two of the six assets are currently occupied.