Dalfen America Corp has acquired Trinity Ridge Business Center, an eight-building industrial park totalling 234,000 sq ft, which was built between 1998 and 2007 in Cordova, Tennessee – an affluent suburb of Memphis.
In 2007, Trinity Ridge Business Center was acquired by DBSI Inc. for USD22.9 million. The property was foreclosed on last year and the loan servicer, LNR Partners, LLC, sold the property to Dalfen America Corp for USD7.2 million.
This property is the latest acquisition made by DAC’s most recent value-added industrial fund, the firm’s 17th real estate fund. Since its closing in February of this year, DAC’s fund has acquired close to 1 million square feet of institutional quality multi-tenanted industrial properties and mortgage notes in select metropolitan markets across the United States.
“We continue to see areas of opportunity in the current real estate market and we believe this transaction offers a unique opportunity for Dalfen America Corp to add value and generate superior returns for our investors,” says Sean Dalfen, Dalfen America Corp’s Executive Managing Director.
