Dalfen Industrial snags Serta Simmons building in West Palm for $25M

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July 23, 2020
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As reported in The Real Deal.

Dalfen Industrial acquired a West Palm Beach facility for $25.3 million, as demand in the sector continues to grow.

The Dallas-based company purchased the 204,900-square-foot building at 3774 Interstate Park Road North for $123 per square foot, records show. SSB Manufacturing Co., tied to Serta Simmons Bedding, sold the property.

The building was built in 1996 by Serta Simmons, which remains the property’s sole tenant. The facility’s features include 2.2 acres of trailer storage, a parking lot with fenced, secure access and a guard house at the entry.

Dalfen Industrial focuses on last-mile centers, urban infill warehouses and distribution buildings. The company owns and operates over 20 million square feet of industrial properties throughout the United States, according to a press release.

In June, Dalfen Industrial paid $18.35 million for a warehouse at 1177 West Blue Heron Boulevard in Riviera Beach that is leased to FedEx.

Developers are increasingly seeking to buy and build industrial facilities in South Florida as land becomes more scarce and demand for e-commerce skyrockets. Palm Beach County has 1.2 million square feet of industrial space under construction, and vacancy rates remain low at 3.9 percent, according to a second quarter report by Colliers International South Florida.