Centerbridge, Dalfen Form IOS Venture

April 7, 2023

A property in Oakland, Calif., was the partnership's inaugural purchase.

Image by Marcin Jozwiak via Pixabay.com

Centerbridge Partners has joined forces with Dalfen Industrial in a joint venture that will target acquisitions of industrial outdoor storage assets throughout the U.S. Stifel served as exclusive financial advisor to the partnership’s formation.

The joint venture’s inaugural purchase was a property in Oakland, Calif. The partners plan to invest in assets that provide storage space for vehicle parking, containers, trailers, construction materials and machinery in markets with major ports and key logistics nodes. The companies noted that an already low pool of industrial outdoor storage facilities has been further constrained by conversions of such properties to traditional warehouse use.

Details relating to the Oakland transaction could not immediately be learned. Representatives of the companies did not immediately respond to inquiries.

In prepared remarks, Matt Dabrowski, senior managing director at Centerbridge, said such storage facilities are essential to supply chains. Sean Dalfen, president & CEO of Dalfen Industrial, noted that his company’s last mile expertise and local market presence will be key to the partnership, as will Centerbridge’s experience in niche asset classes.

Both firms have been busy in recent months. In an approximately $868 million deal, Centerbridge acquired the outstanding shares of INDUS Realty Trust, in partnership with GIC. Meanwhile, Dalfen purchased a three-building, 187,792-square-foot industrial property in West Jordan, Utah, from The Boyer Co.