Dalfen Industrial, a Dallas-based company, has acquired a fully leased warehouse in Miami Lakes for $30.1 million. The property, located at 5770 Miami Lakes Drive, spans 192,000 square feet and was purchased from Sagard Real Estate of Denver, according to public records and the real estate database Vizzda.
The single-story warehouse was built in 1977 on an 8.7-acre site. Sagard, previously known as EverWest, bought the property in 2018 for $16 million.
Mr. Glass Doors and Windows, a manufacturer of residential and commercial windows and doors, is the current tenant occupying the building. This information was provided by Dalfen in its announcement regarding the purchase.
Dalfen Industrial is led by Sean Dalfen and focuses on buying, managing, and developing last-mile industrial spaces. According to its website and company statements, Dalfen’s portfolio exceeds 55 million square feet.
Earlier this year in March, Dalfen partnered with Goldman Sachs Group to sell a portfolio of 38 warehouses across several cities—including Atlanta, Austin, Dallas, and Nashville—to Starwood Capital Group for $685 million.
In South Florida specifically, Dalfen has maintained an active presence in industrial real estate investment. Last year it sold a warehouse at Interstate Park Logistics Center in Riviera Beach for $55 million after previously acquiring it. Also last year, Dalfen purchased three Broward County industrial facilities totaling about 102,000 square feet for $26.4 million. In another notable transaction from 2021, Dalfen acquired two newly completed warehouses at Meathe Drive in West Palm Beach from developer Jeff Greene for $60.6 million.
The South Florida industrial market saw strong growth during the pandemic due to new residents and businesses moving into the area but began to slow down this year; first-quarter reports indicated reduced demand while landlords have not yet lowered rents.
Other recent transactions include Longpoint’s July purchase of America’s Gateway Park—a six-building complex—for $82 million in Doral as well as its acquisition of Tree Garden Business Park with three warehouses for $31.5 million shortly afterward. Hersh Equity Group also bought a six-warehouse complex in West Park for $47.2 million during July. Additionally, Foundry Commercial together with Crow Holdings Capital paid $23.1 million for a development site in Pompano Beach where they plan to build two warehouses totaling 182,000 square feet.
