401 Cottontail Lane in Somerset — Courtesy: Dalfen Industrial
By Joshua Burd
Investment firm Dalfen Industrial has expanded to central New Jersey with its purchase of a nearly 100,000-square-foot warehouse in Franklin’s Somerset section.
The company, which is based in Dallas, paid an undisclosed sum for the newly completed property at 401 Cottontail Lane. It also announced that, shortly after its acquisition, it leased the entire building to a fragrance subscription service company known as Scentbird Inc.
Joel Lubin and Gary Politi of JLL arranged the off-market sale of the 99,714-square-foot warehouse, while Chuck Fern of Cushman & Wakefield represented the tenant.
“Dalfen is excited to announce its first value-add acquisition in central New Jersey,” said Michael Cohen, the firm’s head of acquisitions. “Acquiring a new industrial property in a submarket with a strategic infill location makes this property an attractive option for tenants and a great addition to our portfolio. We intend to continue acquiring and developing last-mile properties in this market in the near future.”
Built in 2023, the so-called Somerset Logistics Center has a 36-foot clear ceiling height, 14 loading doors, modern sprinklers and parking for 62 cars, according to a news release. Dalfen, meantime, noted that vacancy in the infill Somerset submarket is below 3 percent, thanks in part to its lack of developable land and Class A supply.
The property is also less than a mile from Interstate 287 and less than 15 miles from Exit 10 of the New Jersey Turnpike.
“The proximity to labor, rooftops and major transportation corridors makes Somerset an ideal last mile location,” said John Lettieri, Dalfen Industrial’s market officer. “With a modern warehouse design and the ability to immediately occupy, the property garnered a significant amount of interest from tenants and leased quickly after closing.”
The firm noted that it has acquired and developed more than 2.3 million square feet in its Northeastern region in the last 24 months.
