NNN Lease Market News
Triple Net Leased Trinity Ridge Business Center Sold
Dalfen America Corp. announced today the acquisition of Trinity Ridge Business Center.
Built between 1998 and 2007, this eight-building industrial park totals 234,000 square feet and is located in Cordova, Tennessee, an affluent suburb of Memphis.
In 2007, Trinity Ridge Business Center was acquired by DBSI Inc. for $22.9 million. The property was foreclosed on last year and the loan servicer, LNR Partners, LLC, sold the property to Dalfen America Corp for $7.2 million.
This property is the latest acquisition made by DAC's most recent value-added industrial fund, the firm's 17th real estate fund. Since its closing in February of this year, DAC's fund has acquired close to 1 million square feet of institutional quality multi-tenanted industrial properties and mortgage notes in select metropolitan markets across the United States.
"We continue to see areas of opportunity in the current real estate market and we believe this transaction offers a unique opportunity for Dalfen America Corp. to add value and generate superior returns for our investors," said Sean Dalfen, Dalfen America Corp.'s Executive Managing Director.
Dalfen is confident that the firm is uniquely positioned to capitalize on the steady flow of overleveraged assets being sold by lenders both on and off market because of its cash position, ability to make decisions quickly, and reputation for fair dealings.
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