US industrial real estate firm Dalfen Industrial has expanded its Midwest presence with the acquisition of an asset in Chicago.
Dalfen has invested an unspecified amount to acquire the multi-tenant industrial property at 1341–1371 Howard Street in Elk Grove Village, Illinois.
The asset is 75% occupied and includes a move-in-ready space, providing potential for near-term value creation opportunities, Dalfen said.
Dalfen said it now owns and operates 17 buildings across the Midwest. The company aims to double its footprint in the region over the next 12 months.
Mike Cohen, head of acquisitions at Dalfen Industrial, said the latest acquisition reflected the firm’s “continued conviction in the strength and resiliency of the O’Hare submarket”.
Cohen added: “The property’s functional design, strong tenant roster and strategic location make it an excellent addition to our growing Chicago portfolio. We believe there is meaningful upside through lease-up of the remaining vacancy and continued rental growth in this supply-constrained infill market.”
Christine Choi Moore, market officer at Dalfen Industrial, said: “This transaction underscores Dalfen Industrial’s commitment to acquiring well-located, small and mid-bay industrial assets in premier infill markets like Chicago’s O’Hare submarket.
“We intend to build further scale by targeting similar high-quality opportunities and expanding Dalfen’s presence throughout the Midwest.”
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