Dallas-based Dalfen Industrial has widened its presence in New Jersey, acquiring the 92,400-square-foot Thornton Logistics Center in Bergen County.

The real estate firm recently announced the acquisition of the last-mile property, sourced off-market through JLL. The purchase price was $14.65 million, a company representative told NJBIZ.

The building is currently at 100% occupancy, according to Dalfen. It is part of the 1.7 million-square-foot, master-planned Oakland Industrial Park.

“The strategic location of Thornton Logistics Center and its flexible building design and characteristics, makes this property a perfect addition to our growing New Jersey portfolio,” commented Market Officer Keith Hontz.

The property is near Interstates 287 and 80 and offers immediate access to Routes 202 and 23 as well as the Garden State Parkway.

The rectangular building is suited for single of multi-tenant use. Additional features include: auto and truck parking, 22-foot clear heights and a loading ratio of 1-to-4,500 square feet.

The JLL Capital Markets team was led by Managing Directors Jordan Avanzato and Marc Duval, Directors Nicholas Stefans and Jason Lundy, Senior Managing Director Jose Cruz and Associate Conor Walsh.

“This acquisition is Dalfen Industrial’s fourth in Central/Northern New Jersey since May 2023,” Head of U.S. Acquisitions Mike Cohen said. “As arguably one of the most significant and competitive industrial markets in the country, Dalfen is focused on continuing to grow its New Jersey portfolio.”

Elsewhere in the Garden State, the firm’s industrial properties are:

• Roxbury Logistics Center – 470,044 square feet – Roxbury Township
• Somerset Logistics Center – 99,714 square feet – Somerset

According to a statement from Avanzato, competition in the industrial capital markets environment is heating up. “And the buyer has done a tremendous job differentiating themselves by getting out in front of it,” he stated.

Duval added that the flow of capital is starting to outweigh its cost. “And we expect those leading the rebound to benefit greatly,” he said.

IOS

Last October, Dalfen acquired a nearly 7-acre industrial outdoor storage site in Old Bridge in a joint venture with Centerbridge Partners LP. The deal, which also involved a California property, marked Dalfen’s entrance to the Central Jersey market.

“Trailer storage sites are vital in port-centric markets. Redevelopment and increasingly restrictive zoning have made these types of properties difficult to replicate,” said Market Officer John Lettieri at the time, “We are excited to grow our footprint in the New Jersey IOS market and intend to continue acquiring similar properties across Northern and Central New Jersey.”

Editor’s note: This story was updated at 2:34 p.m. ET on March 25, 2024, to include JLL team members’ names and comments.