The fundamentals of this submarket are excellent. Being next to one of the busiest airports in the country, this property is optimally positioned from a logistics standpoint.
Montreal, Quebec (PRWEB) July 01, 2014
Dalfen America Corp. (DAC), a leading real estate investment manager, is pleased to announce the acquisition of the Airport Distribution Center in Romulus, MI as the latest addition to its Opportunistic Industrial Fund, Ashrei II.
Built in 2001, and totalling 312,000 square feet, the class A asset features: 32’ clear ceiling heights, concrete tilt-up construction, cross-dock configuration, ESFR sprinkler system and ample trailer parking. The property is located less than one mile from the Detroit Metropolitan Wayne County Airport, which serves as a primary flight hub for major airlines including Delta, Air France and Spirit.
DAC purchased the 40% vacant property, leased to Cardinal Health and UPS, from Westcore Industrial Properties LLC. Within a few weeks following acquisition, DAC brought the occupancy level up to 100%, by successfully structuring a seven year lease with Nippon Express LLC. for the remaining 120,000 square feet in the building.
“Being next to one of the busiest airports in the country, this property is optimally positioned from a logistics standpoint,” said Sean Dalfen, Dalfen America Corp's Managing Principal and Chief Investment Officer. He added, “The fundamentals of this submarket are excellent. This is exemplified by the myriad of large international firms looking for locations, and the fact that there is virtually no remaining modern high bay distribution space available.”