Canadian investors have purchased a Garland industrial complex out of foreclosure.
And buyer Dalfen America Corp. is shopping for more deals in Dallas-Fort Worth.
The 2-year-old, 202,000-square-foot Firewheel Distribution Center on State Highway 78 in Garland was purchased from lender BBVA Compass Bank, according to brokers at Stream Realty Partners who handled the sale.
Terms of the transaction were not disclosed. The project originally had $13.1 million in debt.
While Firewheel Distribution is considered one of the top industrial buildings in the neighborhood, it’s less than 15 percent leased.
“It’s a great building, but it was delivered to the market at the wrong time,” said Stream Realty’s Keith Fisher, who brokered the sale with the help of Patrick Blasdell and Bob Hagewood.
“We got 10 or so offers on the property,” Fisher said.
Montreal-based Dalfen America has properties mostly in Florida, Texas and Canada.
It owns the two-building Dominion Plaza office complex on Preston Road in Far North Dallas.
“They are looking to make a big push in the industrial market here,” Fisher said.
Sean Dalfen, a principal with the privately owned firm, said the company is eager to add to its holdings.
“We are looking for distressed industrial assets similar to Firewheel,” Dalfen said Thursday. “We hope to acquire between $100 million and $150 million in property over the next 12 months.”
Along with the Garland purchase, Dalfen acquired a Phoenix industrial property this week