Goldman Sachs is partnering with Dallas-based real estate firm Dalfen Industrial to acquire a portfolio of logistics buildings from Blackstone Inc. valued at nearly $300 million.
The alternative investment division of Goldman Sachs Group Inc. is working with Dalfen to purchase 21 buildings in Dallas, Las Vegas, Cincinnati, and parts of Pennsylvania. Collectively, the logistics buildings cover around 2.1 million square feet. The buildings currently enjoy 92% occupancy with 68 active tenants, like Red Bull and Amazon.
In 2023, The Dallas Express reported that Dalfen was breaking ground on the Frisco Trade Center on Rockhill Parkway. The 575,000-square-foot industrial park is conveniently located near DFW International.
As consumers shop more online, warehouses situated near population centers are becoming increasingly valuable. These so-called “last mile” facilities enable goods to reach customers faster but also come with other issues. Logistics facilities can produce a lot of truck traffic and pollution, something residents in surrounding areas often complain about.
Sean Dalfen, chief executive officer of Dalfen Industrial, says the portfolio of buildings was purchased for $293 million. Under their partnership, Dalfen and Goldman now own 94 logistics built covering around 19 million square feet.
“Over time, those assets will go up substantially in value because of how necessary they are in our infrastructure,” Dalfen said, per Bloomberg. “Last mile industrial buildings are a finite resource because communities simply don’t want them.”
Because of its proximity to other major metro areas, Dallas-Fort Worth is considered an ideal location for logistics-focused businesses. In December, The Dallas Express reported that Lovett Industrial had started construction on a new massive logistics park in Coppell and Lewisville. The development is slated to have two Class A buildings covering nearly 340,000 square feet on a 27-acre site.
The month prior, UK-based Speedy Freight, a third-party logistics company known for its same-day delivery services, opened a new 50,000-square-foot warehouse in North Texas, serving as the courier’s U.S. headquarters.