Mapletree Sells 1.4M-SF Warehouse Portfolio to Dalfen Industrial for $208M

Mapletree Investments has secured its fifth U.S. warehouse portfolio divestment in 10 months.

The Singapore-based investment and development firm — which had $60.1 billion in assets under management in the U.S. as of March — announced Wednesday the sale of a 1.4 million-square-foot U.S. industrial portfolio for $207.5 million.

The buyer, Texas-based industrial real estate investment manager Dalfen Industrial, acquired a total of 19 warehouse properties in the deal. The portfolio features 13 properties in the Dallas-Fort Worth area, four in Chicago, one in Cincinnati, and one in Indianapolis, Ind. Two addresses included in the sale are 950-1000 Lunt Avenue in Elk Grove Village, Ill., and 2603 Technology Drive in Plano, Texas.

“We’re pleased to deliver another strong result for our investors through this strategic disposition,” Richard Prokup, CEO for U.S. operations at Mapletree, said in a statement. “As we redeploy capital, we are prioritizing development opportunities that meaningfully advance the scale and competitiveness of our national industrial pipeline.”

Newmark’s Jack Fraker, Dom Espinosa and Travis McEldowney represented Mapletree in the transaction. Dalfen did not work with outside brokers.

Mapletree owns and manages more than 66 million square feet of U.S. industrial assets, according to the firm, with a pipeline of roughly 2.6 million square feet currently in development. The new deal is Mapletree’s fifth divestment of assets previously held under its closed-end private fund, Mapletree US & EU Logistics Private Trust, which was launched in 2019 with $4.3 billion in total assets under management.

The deal with Dalfen also follows $1.3 billion in total logistics asset sales by Mapletree since June 2025. Those divestments included a 2.4 million-square-foot warehouse portfolio in the Sun Belt in July 2025 and a 4.4 million-square-foot industrial portfolio along the East Coast sold to EQT Real Estate in March 2025, as well as a six-building warehouse portfolio spanning nearly 577,000 square feet sold to Equus Capital Partners in September 2025.

But the new industrial portfolio sale is Mapletree’s first transaction with Dalfen, according to John Paul Chua, director of investment at Mapletree. 

Meanwhile, Dalfen recently sold three Florida industrial buildings totalling 450,505 square feet to Cabot Properties in February, and it joined Goldman Sachs last year in the sale of 38 warehouses for roughly $685 million to Starwood Capital Group. 

“This acquisition provides immediate scale in one of our highest conviction submarkets in Dallas-Forth Worth and the Midwest,” said Sean Dalfen, president and CEO of Dalfen Industrial, in a statement. “The portfolio’s infill locations, diversified tenancy and embedded mark-to-market opportunity align seamlessly with our strategy of aggregating last-mile industrial product in supply-constrained nodes.”

Emily Davis can be reached at edavis@commercialobserver.com.