Dalfen Industrial, a Dallas-based firm with more than 50 million square feet of property throughout the country, has made a second big purchase in New Jersey, acquiring Roxbury Logistics Center, a 470,044-square-foot industrial building in Morris County, the company announced late Wednesday.
The privately owned firm, which acquired a nearly 100,000-square-foot property in Somerset in July, appears ready to make more inroads in the state, according to Mike Cohen, head of U.S. acquisitions for the firm.
“Dalfen is excited to expand our New Jersey footprint,” he said. “The ability to acquire a state-of-the-art industrial property in a growing submarket with excellent proximity to I-80 and strong demographics makes Roxbury Logistics Center a great addition to our portfolio.
“We intend to continue growing our presence in northern New Jersey through acquiring and developing properties in last mile locations”.
Dalfen Industrial’s investment focus is on strategically located urban infill warehouses and distribution buildings. The Roxbury Logistics Center fits the model, as the location provides the opportunity for the tenant to service the greater New York City metropolitan area. Notable tenants in the area include Amazon, UPS and Seiko.
The development project was sourced off-market by Joel Lubin, Gary Politi and Chris Hile of JLL.
Roxbury Logistics Center, completed in 2022, is a rear-load property that offers Class A building amenities including a 40-foot clear height, high-quality speculative office, 48 docks and adequate parking for both cars and trailers. The Interstate 80/Morris County industrial submarket has strong tenant demand and many barriers to entry, including lack of developable land and large concentrations of institutional ownership, keeping its vacancy at near 5%.