Wells Fargo Provides $150M Acquisition Loan for Industrial Portfolio

A joint venture between Dalfen Industrial and Investcorp has inked $150 million of financing for the purchase of a 19-asset logistics portfolio in the markets of Dallas, Chicago, Indianapolis and Cincinnati, Commercial Observer has learned.

Wells Fargo supplied the loan for the sponsorship’s acquisition of the industrial properties, which encompass 1.38 million square feet in total, for $208 million from Mapletree Investments, sources told CO. 

The acquired properties are 93 percent leased to 48 tenants with a weighted average lease term of roughly three years, according to Dalfen.

“This transaction gives us immediate scale in high-conviction infill submarkets where demand remains durable and leasing spreads continue to reprice,” Sean Dalfen, president and CEO of Dalfen Industrial, said in a statement. “We continue to see opportunities to acquire well-located logistics assets at pricing that does not reflect replacement cost or forward rent potential.”

Newmark negotiated the financing with a team consisting of Jordan Roeschlaub, Chris Kramer and Chris Lozniak. 

The portfolio has a mix of tenants that include Cummins, Techcess Solutions, W.M. Coffman Resources and Legacy Foods Manufacturing. Properties in the portfolio include 6140 River Road in Hodgkins, lll.;  1550 Greenleaf Avenue in Elk Grove Village, Ill.; and 2603 Technology Drive and 2605 Technology Drive in Plano, Texas. 

Wells Fargo and Newmark did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.