REAL ESTATE INVESTMENT
Dalfen Industrial | December 13, 2021
Dalfen Industrial announced the acquisition of a 304,200 square foot industrial property in Winston Salem, NC. Built in 2006, Union Cross Distribution Center has features sought after by modern e-commerce tenants, including being strategically located one mile off of I-74 with convenient access to I-40 and I-85. This location provides an excellent last mile distribution opportunity to reach Winston Salem, Greensboro, and High Point's 1.7 million population base. The Piedmont Triad's industrial market continues to be very tight with limited available inventory, coupled with high tenant demand and absorption from last mile tenants.
Located in the Union Cross submarket, this area provides a distinct advantage with accessibility, and a high-quality tenant base with institutional ownership. The building is 100% occupied by one tenant who is currently paying below market rent, providing a significant upside during renewal as well as during exit. Other tenants in the area include Fedex, Amazon, Caterpillar, Proctor & Gamble, and PepsiCo.
"Sourced off-market and below replacement cost, Union Crossing Distribution Center is a great addition to our North Carolina portfolio. The vacancy rate in this market is a tight 2.3% due to continued and strong tenant demand which is expected to continue."
-Kevin Caille, Market Officer at Dalfen Industrial
"The demand for industrial properties in North Carolina continues to outpace supply. We have had tremendous success in the Carolinas and are always looking for the next opportunity to expand our footprint in this market."
-Sean Dalfen, President and Chief Investment Officer at Dalfen Industrial
Dalfen Industrial currently owns close to 3 million square feet of industrial properties in North Carolina.
REAL ESTATE INVESTMENT
Terreno Realty Corporation | May 23, 2022
Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property in Newark, New Jersey on May 19, 2022 for a purchase price of approximately $11.9 million.
The 2.4-acre improved land parcel at 127-167 and 147-163 Doremus Avenue is adjacent to Exit 15E of the New Jersey Turnpike and Terreno Realty Corporation’s 85 and 87 Doremus Avenue properties. The property is 100% leased on a short-term basis to one tenant and the estimated stabilized cap rate is 6.9%.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.
AboutTerreno Realty Corporation
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.
REAL ESTATE TECHNOLOGY
CRED iQ | September 24, 2021
CRED iQ, a data, analytics and valuation platform serving the commercial real estate finance and investment communities today announced the launch of its property comps tool. The tool compares a subject's appraised value, rent, expenses, occupancy, cap rate, interest rate, as well as several other property and loan characteristics against its competitive set and the overall market.
Developed using a proprietary algorithm, the software selects similar properties from CRED iQ's data set based on several property and loan factors and assigns a score based on the relevance of each comp. The software automatically generates comps for properties in the CRED iQ database. Users can also enter property details to generate comps for almost any commercial property in the US.
Our platform was built using the latest data lake technologies so that commercial real estate professionals could instantly access relevant, timely, and verified property and loan data. The comps technology allows users to quickly gauge market fundamentals or underwrite a specific loan using detailed financials from intelligent market comps with a few clicks.
- Co-Founder Michael Haas
We developed this tool to provide a convenient way for users to compare performance, valuation and loan characteristics for any commercial property with its competitive set. Users have access to comps for all properties within our database, or search and generate comps for almost any commercial property in the country.
- Co-Founder Bill Petersen.
About CRED iQ
CRED iQ is a commercial real estate data, analytics and valuation platform serving professionals across the CRE investment, brokerage, and lending industries. Updated monthly, CRED iQ's robust database is powered by over $1.5 trillion of loan and property data from the securitized universe. CRED iQ tracks data on CMBS Conduit, SBLL, CRE CLO, and Agency debt combined with verified borrower and true ownership contact details. Headquartered in Radnor, PA, the company also has offices in Dallas and Portland, OR.