Starwood Capital Buys 38 Warehouses From Goldman Sachs and Dalfen for $685M

Starwood Capital Group has acquired a portfolio of 38 warehouses from Goldman Sachs (GS) and Dalfen Industrial for roughly $685 million, Bloomberg reported.

The portfolio — which has properties in Dallas, Atlanta, Nashville, Tenn., and Austin, Texas — will continue to be operated by the Texas-based Dalfen after the sale, according to the outlet.

Dalfen President and CEO Sean Dalfen told Bloomberg the deal will “create additional value in this exceptional portfolio.”

Eastdil Secured brokered the deal for Goldman Sachs and Dalfen. Starwood declined to comment, while spokespeople for Goldman Sachs, Dalfen and Eastdil did not immediately respond to requests for comment.

Current tenants of the warehouses, which are 89 percent leased, include Amazon (AMZN), Kroger, Walgreens Boots Alliance, and Wilson Sporting Goods, Bloomberg reported.

And this isn’t the first time Goldman Sachs and Dalfen have partnered to acquire a major warehouse portfolio.

In January, the two firms bought a portfolio of 21 industrial buildings across Nevada, Texas, Ohio and Pennsylvania from Blackstone (BX) for $293 million, as Commercial Observer previously reported. That portfolio comprised 68 total tenants and covered 2.1 million square feet. 

That sale was part of a larger trend of investors looking to acquire industrial properties as demand persists for warehouses and distribution centers.

Blackstone itself bought 26 warehouses across Florida in December through a $180.2 million loan from PGIM, while Longpoint Partners purchased a 26-building portfolio in Florida in November for $331.3 million.

Isabelle Durso can be reached at idurso@commercialobserver.com.