Goldman Sachs Alternatives and Dalfen Industrial Close on the Sale of 38 Logistics Assets to Starwood Capital Group for $685 Million

DALLAS, TX -- Goldman Sachs Alternatives (“Goldman Sachs”), in partnership with Dalfen Industrial (“Dalfen” and together “the Venture”), has announced the sale of 38 high-quality, prime infill logistics assets (the “Portfolio”) to an affiliate of Starwood Capital Group (“Starwood”) for a total consideration of approximately $685 million.  Dalfen will remain as the operating partner of this portfolio.  The transaction closed on March 6, 2025.

The Portfolio totals approximately 5.0 million square feet across several major markets in the U.S., with significant concentrations in Dallas, Atlanta, Nashville, Central Florida, and Austin.  The Venture acquired 29 of the assets totalling 3.6 million square feet as part of a larger portfolio recapitalization in February 2020.  Six additional assets in the Portfolio were developed by the Venture in Austin, Texas and Nashville, Tennessee. The first, which sits upon a 41-acre site in Austin, Texas, was successfully developed into a three-building industrial complex totalling 373,000 square feet in one of Austin’s premier industrial submarkets. The second, which sits upon a 76-acre site near Nashville International Airport, was developed into a 717,000 square foot industrial park that opened in 2023.  The remaining three assets in the Portfolio were wholly owned by Dalfen’s Last Mile Industrial Fund V, totalling 354,000 square feet, and located in Austin, Houston, and Orlando.

“Our strategic partnership with Dalfen, a leading operator and developer, has allowed us to successfully scale our logistics exposure by buying and developing quality assets in high barrier-to-entry markets with strong consumer and labor fundamentals,” said Chance Monroe, Managing Director in Real Estate at Goldman Sachs Alternatives.

Sean Dalfen, CEO of Dalfen Industrial, added "We are thrilled to have closed this sale with Goldman Sachs and Starwood Capital. We appreciate the partnership with Goldman Sachs to assemble this exceptional portfolio and look forward to working with Starwood Capital to further enhance the value of this portfolio. 

“This transaction presents an attractive opportunity to recapitalize this portfolio in leading growth markets and create additional value alongside our partners in Dalfen,” said Tip O’Donnell, Senior Vice President at Starwood Capital.

Eastdil Secured, represented Goldman Sachs and Dalfen Industrial on the transaction.

About Dalfen Industrial

Dalfen Industrial LLC, headquartered in Dallas, is one of the largest privately owned industrial real estate firms in the United States and is a leader in the last-mile property sector. Their investment focus is on strategically located urban infill warehouses, distribution buildings and Industrial outdoor storage, with a portfolio exceeding 55 million square feet.

About Real Estate at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has more than $3.1 trillion in assets under supervision globally as of December 31, 2024.

Established in 1991, Real Estate at Goldman Sachs Alternatives is one of the leading investors in real estate with over $60 billion in capital invested since 2012 across the spectrum of investment strategies from core to opportunistic and credit. The global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity. Follow us on LinkedIn.

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