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Off-Market Century Center Goes for Below Replacement Cost
Dalfen Industrial recently acquired a 169,700-square-foot industrial property in the Dallas suburb of Irving. Built in 2014, Century Center is 100 percent occupied by three tenants.
This property has key last-mile fundamentals with proximity to DFW International Airport and Dallas/Love Field. This submarket consists of mostly older, less functional product, making this class-A asset unique in the area.
“Century Center is a great addition to our Dallas/Fort Worth portfolio. This acquisition was sourced off-market and purchased below replacement cost with below-market rents,” said John Lettieri, market officer at Dalfen Industrial.
With this acquisition, Dalfen Industrial owns nearly 3 million square feet in Dallas/Fort Worth with more than 2 million square feet of new properties in development.
“Dallas is one of the most vibrant and fastest-growing markets in the country,” said Sean Dalfen, president and chief investment officer at Dalfen Industrial. “Every asset we buy and develop here improves our overall portfolio significantly.”
- ◦Sale/Acquisition
