“I don’t know if I have ever worked with a group that
performed as admirably as Dalfen.”

– Mark Fallon, HFF

  • Clients
  • Brokers
  • Investors
  • Lenders
  • Suppliers


"PWGSC is a tenant of Dalfen's in the Miramichi Mall, New Brunswick.""I wish to advise you that our experience with Dalfen's has been very positive.""Dalfen's has worked with us very closely to meet the challenges in a manner that has been satisfactory to all parties."

Brian Livingstone, Senior Leasing Advisor
Public Works and Government Services Canada
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"After being in a shopping center for over 30 years, moving to Dominion Plaza was undoubtedly one of the best business decisions I've ever made. The management staff, maintenance personnel and amenities prove daily to be beyond expectations and are certainly above reproach. Their genuine care and concern for the tenants is incomparable. It's proven tot be a family environment without disappointment. I don't see giving any of that up for years to come..."

Phil Maxey,
State Farm Insurance
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"Network Cargo Management Corporation's relationship began with Dalfen America Corp at their Terracotta Business Park location in September 2010. Having looked at numerous properties Dalfen offered a professional well managed, safe environment for us to call home. While being a tenant we experienced a daily comfort of knowing that the management team is there for us in every capacity. We hope to remain in our current home for many years to come."

Neal Goodhead, Accounting | Administration Manager
Network Cargo Management
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"I am a Valley Freeway Centre tenant and have nothing but good things to say about their ability to manage the property.""Very professional support and willing to work with us... we feel that they care about our concerns."

Carolyn Brogan, President
Pumps International, Inc.
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"I am pleased to submit this testimonial to you and the staff at Dalfen America Corporation/Shofar Realty! We have been in our facility at the Trinity Ridge Business Center for 7+years and have had an excellent relationship with you and your staff. You have always been attentive to our needs and proactive in keeping us abreast of any changes of work to be done on the premises! You have done an excellent job maintaining not only the buildings themselves but are very much interested in making sure the grounds are well kept and clean at all times. We appreciate your attentiveness to our needs and our relationship!"

Joe Thompson,
Elite Business Group, LLC
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"In 2003, we rented an approximately 27,000 square feet location at Terracotta Business Park, in Orlando Florida to open the first site of the Ana G. Mendez University System outside Puerto Rico. This site offers the first and only dual language (English and Spanish) higher education program for adults in the nation. Since then, our student growth has led to expanding our campus to a current site of over 41,847 square feet. It is important to recognize that our relationship with your organization has been an instrumental element for this development. Through the years, we have developed a strong and direct communication that facilitates the operation for both entities. The fast response and quality of services received from Dalfen have made our experience as tenants a very pleasant and rewarding one. We look forward to maintain our relationship with Dalfen in the future and for it to be as rewarding as it has been in the past."

Lourdes Planas, Chief Operations Officer
Agmus Ventures, Inc.
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"Our office has been located in Dominion Plaza for over 10 years. The customer service and professionalism we receive on a daily basis from Joanne and the rest of the team is exceptionel."

Jamie Barnes, Office Manager
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"We found working with the team at the Dominion Plaza a wonderful experience. They are professional, yet approachable; their team is very knowledgeable and has made us feel very welcome to the property."

Jeff Byrd, COO
Denison Forum
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"Fitness Inspiration Inc's relationship with Dalfen America Corporation began when we became a tenant at Trinity Ridge Business Center in July 2012. As a result of our client growth, a quick two years later we found ourselves in need of a much bigger and better facility space. We were so pleased with the experience we had as a client of Dalfen's over the first two years, we knew that 'shopping around' for this new space was not going to be necessary, Dalfen's Trinity Ridge Business Center was it! Shelly, Elaine, Thomas, Sandy and everyone else at Dalfen do a world-class job of fostering professional relationships and managing the property we call our home. This is why it was easy for me to sign the dotted line on another lease agreement at Trinity Ridge Business Center for a space that was double in size, double in amenities, and more than double in lease term agreement length. Team Dalfen Rocks!"

Becca Marino, Founder | Owner
Fitness Inspiration Inc.
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"Since becoming a tenant at Miramichi Mall in 2002, Dalfen's have always been extremely professional and courteous. The leasing group, in particular, have provided excellent service and it has been a plesure partnering with you in this business relationship."

Kimberly Johnston, Leasing/Development Manager
Atlantic Subway Ltd.
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"It has been a pleasure doing business with the Dalfen America Corporation and it leasing team. Shear Excellence Hair Academy has been leasing since 2008 and have expanded twice. Dalfen America Corporation has been very helpful in our growth efforts. Their staff is exceptional and working with Shelly, John and Mr. Murray has been a great experience. They are extremely courteous and embraced the concept of teamwork and caring for their tenants. I am looking forward to a continual leasing relationship with Dalfen America Corporation. They exceeded all of our expectations and it is an absolute pleasure working with every member of their leasing staff. "

Rosita Donaldson,
Shear Excellence Hair Academy
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"We, at Leslie & Associates, Inc. have been very satisfied tenants at Dominion Plaza since 2007. As you know, we recently renewed our lease for an additional five years and are looking forward to continuing our excellent relationship with Dominion's very professional and attentive staff. The Building Management Team has continually been supportive and responsive to our needs as a tenant. I don't believe we could have asked for or received better service. We truly appreciate all your efforts in this regard."

Nanci J. Leslie, Vice President
Leslie & Associates, Inc.
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"Altronic Controls presently resides at the Firewheel Commerce Center in Garland, Texas. Dalfen personnel have been hand in hand with us through the entire process of building out the internal structure through today." , "

Robert Jones, Operations Manager
Altronic Controls
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"Dalfen has exceeded my expectations as a tenant in every regard.""The entire Dalfen team made the move so much smoother and the build out was beautiful.""Dalfen's responsiveness and service with a guenine smile makes them stand out."

Chad M. Brandt, Esquire
The Law Office of Chad M. Brandt, P.A.
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"It was a pleasure working with you and we are thrilled to call Miramichi Mall home for years to come. I appreciate your flexibility and willingness to work with us as we strive to remain competitive in our industry."

Ronald Pe Aguirre, Vice President
Sykes Realty, Inc.
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"We met the Dalfen America team in June and started working with them on a retail space lease transaction at the Bayside Bridge Plaza in Clearwater, FL that culminated with the opening of our second Pet Supplies Plus store in December 2011.They are professional, thorough, knowledgeable and very customer focused and friendly."

Dave Oser,
Pet Supplies Plus
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"Since we moved to this location in the summer of 2011, our dealings with Dalfen America's leasing operation has been a pleasure. The people that manage the property were always courteous and very accommodating to all our needs, as were our interaction with other tenants."

Hillel Bialy,
Indigo Bay Tex
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"We would just like to take this opportunity to let you know how much we are enjoying being a tenant here.""The buildings and landscaping have been well maintained and any concern or issues that have come up in day to day business have been addressed immediately and professionally."

Rene Baughn, Manager
Live Wire Electric, LLC
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""I want to let anyone that is looking at Dominion Plaza for office space know what a great facility this is. I am in my 12th year here. The staff is always quick to help with maintenance that is necessary." "

Vicki Borowski,
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"We have been here only a short time and we feel at home.""All concerns or questions have been dealt with promptly."

Angela Valerio, Office Manager
Biomet 3i Canada Inc.
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"Our team has worked with Dalfen America Corp since 2012 for both acquisitions and dispositions of industrial properties. We recently represented Dalfen America Corp in the disposition of 3191 E. Washington Street in Chandler, AZ, an approximate 77,725 SF, fully leased, multi-tenant industrial building known as EastPoint Business Center." "Dalfen America Corp made the leasing and sale process efficient and seamless for all parties involved. Through a clear line of communication, organization and diligence, Dalfen made it extremely easy for the Buyer to close on time"

Mike Parker, First Vice President
CBRE | Phoenix
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"As partners of CBRE's National Partners Industrial Investment Sales Team, it was our pleasure to work with Dalfen America Corp on their Firewheel Center disposition assignment. We have personally known Sean Dalfen for over eight years and have worked with him on growing his portfolio in DFW and in Texas. Dalfen proactively pursued and purchased the Firewheel asset out of foreclosure during the depths of the 2009-2010 recession. They repositioned the asset over a period of 3 years, substantially increasing the occupancy and value of the asset through hands-on management. Also, Dalfen secured high credit tenancy and term on the rent roll and successfully sold the asset for a substantial profit in 2014, returning large profit to their investors. "

Josh McArtor, Executive Vice President
CBRE | Dallas
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"I would like to give an endorsement for Sean Dalfen, Dalfen America's Chief Investment Officer, in a recent sale of a nearly 370,000 SF, Class "A" industrial property at a price of more than $16.5 million. There were several other members of Sean's team actively involved throughout the process and everyone with whom I've worked proved Dalfen America to be a very impressive organization. Not only were they pleasant and professional throughout the process, I found them to be straight shooters, meeting their commitments every step along the way. They made quick decisions and moved the process along expeditiously." "In this robust market, where the buyer selection process is extremely competitive, I can honestly say that Dalfen America is absolutely a top tier group."

Jim Pratt, Senior Vice President
Colliers International
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"Robert, as you know we just closed escrow on your 172,276 SF office/warehouse portfolio in Las Vegas, Nevada." "I just received a call today from the principal of FJM Investments and Mark Pirie could not be happier with their purchase. They typically purchase properties throughout the U.S. and Canada and made it a point to tell me how nice it was to transact with such a professional group at Dalfen. He mentioned several of the hurdles we had to overcome and how you were always very responsive and creative in offering solutions, understanding their issues, and coming to a quick and amicable decision for both parties. Personally, this was the one of the most efficient sales I have done in the past 5+years." "I appreciated you always keeping us on our toes and truly adding value to this process from a sellers' standpoint."

Dan Doherty, SIOR, Executive Vice President
Colliers International
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"Dalfen America Corp (Buyer) and Northeast Bank (Seller of Bank Owned Property), recently concluded a sales transaction of the property at 2289 Cedar Street, Lino Lakes, Minnesota." "This was the most efficient sale of other real estate owned we have encountered over the past several years. Dalfen committed to specific timelines and objectives up front, and performed to the plan." "Dalfen management and staff demonstrated a high level of integrity and professionalism throughout the entire process."

Mark A. Ethen, Chief Credit Officer
Northeast Bank
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"Over the past few years, I have worked with the Dalfen Group and its Managing Principal and Chief Investment Officer, Sean Dalfen, on several acquisitions and dispositions." "If there is one thing that comes to mind it's that they are people of their word and they perform as they say." "I also attest that this firm is well capitalized, sophisticated, honest and efficient. Transacting with Dalfen's continues to be a pleasurable experience. Their responsiveness, determination and ability to perform make me look forward to the next opportunity to working with Sean and his organization."

Laurent Lauzon, Commercial Real Estate Broker
NAI Commercial
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"It is with great pleasure that I write this recommendation for Dalfen America Corp as a qualified and capable counter-party. We recently closed our first transaction with Dalfen, where in a competitive market loan sale they were able to come forward with the highest market price, immediately post a non-refundable deposit and fully close the transaction within 10 business days. The Dalfen team was a pleasure to work with throughout the bid process and closing and we look forward to continuing to build on the relationship between our firms for years to come."

Stephen Emery, Managing Director
MC | Mission Capital Advisors
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"It was a pleasure working with you and your team at Dalfen America Corp on your recent acquisition in Jacksonville." "Your team was extensive in its efforts to become fully informed with the property, and did so in the short manner of time that you promised. Every member of your team did its part to make this a very clean and smooth transaction, and it certainly makes us want to do more business with you in the future."

Bryan Bartlett, Senior Vice President
Grubb & Ellis | Phoenix Realty Group
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"I am pleased to provide a letter of reference on behalf of Gaughan Companies regarding an industrial transaction we facilitated with Dalfen America Corp. Dalfen was extremely transparent and well intentioned throughout the entire acquisition process. Dalfen truly showed its commitment to closing the transition from the LOI stage through the due diligence period and staying true to the close date. I endorse Dalfen Corporation as being a company of their 'word' backed by a well qualified staff that is equipped to handle deals of any magnitude."

Dan Herbert, VP Commercial Accounts
Gaughan Companies
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"On behalf of the Cushman & Wakefield project team, I would like to thank you for the opportunity to represent Dalfen in the sale of Lake Mary Business Center." "This would not have been possible without the assistance of your entire team and the professionalism with which you handled this transaction. Your team, from top to bottom, was extremely responsive to requests throughout the process, provided accurate and thorough information, and was flexible and fair when dealing with the buyer whenever an issue did arise, which ultimately facilitated a successful transaction. Having worked with many sellers and buyers over the past 20 years, I found this disposition experience among the best and look forward to working with Dalfen again in the future, both as a buyer and a seller."

Michael E. Lerner, Senior Director
Cushman & Wakefield of Florida, Inc.
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"We recently represented Dalfen America Corp in its acquisition of a 73,000 SF multi-tenant property located in Las Vegas from CIII Capital Partners special servicing. Rob Kurlender and his team illustrated tremendous professionalism and market knowledge. They worked very quickly and efficiently to underwrite this asset and successfully close the transaction. We very much enjoy their business and the opportunity to work with them."

Amy Ogden, Director
Cushman & Wakefield | Commerce
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"The Colliers International Southeast Valley & Sky Harbor Airport Area Industrial Team recently had the opportunity and pleasure of representing Dalfen America Corp in the sale of a 35,551 SF freestanding industrial building in Chandler, Arizona." "We found Dalfen America Corp to be a Seller who clearly communicates and understands the sale transaction process. The Team, in combination with their proactive and diligent legal counsel, made the sale process appear effortless and seamless from start to finish for everyone involved. It is refreshing to work with an extremely efficient, capable, thorough, ethical and committed group of professionals."

Mike Parker, Senior Vice President
Colliers International
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"CBRE's Atlantic team would like to thank Dalfen's Limited for the opportunity to work on the sale of the Miramichi Business Complex, in Miramichi, New Brunswick. The Dalfen's team was very organized and kept lines of communication open between everyone involved in the process." "When issues arose the Dalfen's team promptly turned their attention to them and brought things to a resolution." "We would welcome the opportunity to work with Dalfen's on another disposition assignment and would be pleased to act as a reference to any firm asking about Dalfen's capabilities as a Vendor or Purchaser."

Chris Carter,, Associate Vice President
CBRE Limited | Real Estate Brokerage
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"The CBRE St. Louis Industrial Team recently had the opportunity to work with Dalfen America Corp in the acquisition of the 1,079,000 SF former Circuit City Distribution Center located in Marion, Illinois. The Dalfen team worked extensively with CBRE as they prepared their bid for the asset. Working with Dalfen provided to be an enjoyable experience. They were knowledgeable and thorough. They fully understand how to successfully purchase real estaste and we look forward to working with Dalfen again in the future."

Timothy C. Convy, Vice President
CBRE | Commercial Real Estate Services
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"We recently represented Dalfen America in the acquisition of Eastpoint Business Center, a 78,000 SF multi-tenant industrial project located in Chandler, Arizona." "Their high level of integrity and creative approach, which was noticed by all parties in the transaction, became a factor that was paramount in our ability to complete the sale in a less than routine manner, but in accordance with the seller's expectations." "Dalfen's responsiveness, transparency and ability to perform continue to make transacting with them a pleasurable experience. They are a firm whose commitments have meaning and whose character is impeccable."

Robert F. Buckley, Executive Vice President
Cassidy Turley | BRE Commercial
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"We recently completed the sale of 85,551 SF industrial complex in Chandler, Arizona, which Dalfen America Corp acquired from U.S. Bank." "We have found the team at Dalfen to be extremely knowledgeable about both our market and the property. Dalfen had conducted most of their due diligence work up front which enabled them to close the entire sale within two weeks." "As a buyer, we have found Dalfen to be the utmost professional and organized. We welcome the opportunity to work with Dalfen again and would feel very comfortable dealing with them as a seller."

Paul Boyle, Executive Vice President
Cassidy Turley | BRE Commercial
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"Terranova Realty Services has dealt exclusively in the management and disposition of distressed real estate since 2008. It was a pleasure to work with the Dalfen team, because they 'get it' when dealing with to 10 banks. There were multiple parties interested in this property, but Dalfen's made it clear that they understood the REO process, and the limitations of the seller."

Will Pouch, Director of Asset Management, TRS
The Terranova Group
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"I recently had the opportunity and pleasure of selling Dalfen America Corp a 312,000 SF industrial building located in Romulus, MI. The Dalfen team was very organized and performed exactly as they said they would. They worked quickly and efficiently to underwrite this asset and successfully close the transaction."

Daniel S. Labes, Senior Managing Director
Newmark Grubb Knight Frank
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"I wanted to once again congratulate your company again on the acquisition of the EastPark Business Center here in Jacksonville. I must say in my 30 years of experience in the investment sales market, your group did everything they stated you would do in a timely and professional manner." "While we deal with a lot of investment groups both institutional and private capital it was a pleasure working with your team to execute and complete a very difficult industrial investment acquisition within this marketplace."

Karl M. Johnston, Senior Director, Capital Markets Group
Cushman & Wakefield of Florida, Inc.
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"I recently represented Dalfen America Corp (DAC) in the sale of a 240,000 Samsonite leased cross-dock facility located in Jacksonville, Florida. Robert Kurlender and his capital markets team demonstrated tremendous transparency, diligence and professionalism in working with us, which made this a smooth transaction. Throughout the process, DAC proved to be quick and thorough in responding to the seller's requests and consistently delivered as promised."

Mike Davis, Executive Director, Capital Markets Group
Cushman & Wakefield of Florida, Inc.
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"Our team has been working with Dalfen America Corp for the past several months in acquisitions and leasing. We recently represented Dalfen in its acquisition of a 68,000 SF multi-tenant industrial property located in Brooklyn Park, Minnesota. Sean Dalfen and his team illustrated tremendous professionalism and market knowledge. They worked very quickly and efficiently to underwrite this asset and successfully close the transaction. We very much enjoy their business and the opportunity to work with them"

Dave Paradise, Senior Director
Cushman & Wakefield | NorthMarq
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"My CBRE team recently had the opportunity and pleasure of selling Dalfen America Corp a 136,683 SF industrial building located in Phoenix, AZ. The Dalfen team was very organized and performed exactly as they said they would. They are an honest and forthright company that is extremely efficient." "Their responsiveness, determination and ability to perform make them a Buyer we look forward to doing more business with in the future."

Daniel P. Calihan, Senior Vice President
CBRE | Commercial Real Estate Services
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"I co-lead CBRE's National Retail Investment Group Team of Florida which specializes in the sale of retail properties throughout the Southeastern United States.""Our most recent engagement for Dalfen was as exclusive agent responsible for the sale of Bayside Bridge Plaza in Clearwater, Florida which sold in late 2012.""Throughout this transaction, Murray demonstrated excellent negotiating skill as well as great loyalty and patience...""We look forward to the opportunity to work with Murray and his organization in the future and believe he is a skilled investor with high integrity and a demonstrated record success."

Casey Rosen, Senior Vice President
CB Richard Ellis
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"I am pleased to be an enthusiastic reference for Dalfen America as a result of your firm performing on the purchase of the Firewheel Distribution Center in Garland, Texas, which we sold on behalf of BBVA Compass Bank after the Bank's foreclosure of the property.""Your firm did absolutely everything you said it would and was nothing but efficient, thorough and honest in performing on the purchase of a 202,312 square foot, two-building industrial distribution center which was 14% leased at the time of sale on an all-cash basis."

Keith W. Fisher, Stream Realty Partners, L.P.
Stream Realty
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"I wanted to take some time to let you know how great you all are to work with. You guys did everything you said you were going to from start to finish with your note acquisition from Genworth.""I am also glad that we can continue our relationship.""

Chris Miller,
NAI Brannen Goddard
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"I have worked with a number of investor groups in my 25+ years in marketing real estate assets, and I don't know that I have ever worked with a group that performed as admirably as Dalfen.""Your group was able to efficiently and quickly determine a value for the property and the loan, and in a competitive process you were able to outperform your peers on price and execution." "Dalfen did everything they said they would do from the first phone call through closing, and I hope to have the opportunity to work with your firm again."

Mark R. Fallon, Managing Director
Holliday Fenoglio Fowler, L.P.
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"My partner and I personally represented Dalfen America Corp. in their acquisition, from LNR, of mortgage notes having unpaid principal balances in excess of $28,000,000...""From start-to-finish their team had every aspect of each transaction covered in a prompt and comprehensive fashion."Everyone on staff from the ownership to the underwriters were easily accessible and fully abreast of the tasks at hand." "Equally as important as above, Dalfen America Corp. is an honest and forthright company." " I fully endorse Dalfen America Corp. without any hesitation."

Gregory T. Pancirov, SIOR, Vice President, Industrial Division
Colliers International - Las Vegas
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"The CBRE Investment Sales Team recently had the opportunity to represent Dalfen America Corp. in the acquisition of an 8 building multi-tenant industrial/flex park." "Working with Dalfen proved to be an enjoyable experience.""They were knowledgeable and thorough. They fully understand how to successfully purchase real estate and we look forward to working with Dalfen again in the future."

Johnny Lamberson, Executive Vice President
CB Richard Ellis Memphis, LLC
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"We recently completed a transaction with Dalfen America, involving the sale of Foxfire Commerce Center a multi tenant industrial project in Phoenix, Arizona. Dalfen America clearly is in the higher echelon of investment firms in both capability and performance.""Their high level of integrity and proactive approach was exemplified at every phase from LOI- Contract - Escrow to Closing and noticed by all parties in the transaction." "Dalfen America is a firm whose commitments have meaning and whose character is impeccable. They are a firm to be held in highest esteem."

Robert F. Buckley, Executive Vice President
Cassidy Turley BRE Commercial
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"Dalfen America Corporation has recently completed another successful real estate mortgage loan transaction on a multi tenant warehouse facility in Georgia.""The principals at Dalfen conducted due diligence, negotiated the purchase price and terms, and closed and funded the transaction all in an extremely professional manner, on time and without incident. I am most pleased with the result and look forward to doing business again with Dalfen America Corp. many times in the future."

Patrick Blount, President, CEO
Benewolf, LLC
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"I recently represented a special servicer in the sale of an 8 building, 234,000 SF flex/industrial portfolio in the Memphis MSA." "After winning a very contested auction, Dalfen America Corp. proved to have not only the ability to make well qualified and timely decisions but also that they could close within a shortened time frame due to the auction process." "Dalfen showed that it is a very efficient, capable and trustworthy company to work with."

Andrew C. Phillips, CCIM, Vice President, Investment & Retail Services
Colliers International Memphis Region
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"I have worked with Murray Dalfen for a great many years in several capacities. He is a man known for his leadership, integrity, expertise and professionalism in the real estate world. His hard work an dedication has led to his success and that of the Dalfen Group of Companies. His sense of fairness with his partners and investors has gained him a great deal of respect from his clients, vendors and even competitors."

Jonathan Wener, Chairman & CEO
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"I am a member of the advisory board and I have seen firsthand how well the team manages all aspects of the business. Mr. Dalfen and his team have always acted professionally, treating their partners and clients with the utmost of respect."

Marc Bertrand,
Phaztoo Inc.
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"I've now invested in two of Murray Dalfen's funds and feel I have a sense of his worth as a fund manager and as a moral being. "What struck me when I was first introduced to Murray Dalfen's organization was that most of his investors were highly successful real estate developers and operators themselves." "The pertinent personal attribute most often cited by Murray's repeat investors is his trustworthiness; their years with Murray have convinced them that he's incapable of low dealings and can always be relied upon to take the high road.""

Zell Kravinsky, Investor
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"I was referred to Murray Dalfen at Dalfen America Corp. two years ago, by a very close friend of mine who has known Murray Dalfen and his family for a very long time. I met Murray Dalfen and his VP and CFO and received detailed information about their organization and experience. I subsequently decided to invest in their latest fund. I have found all my dealings with Murray Dalfen and his staff including all information they provided to be very professional and at an extremely high level. "

Marvin Tafler, CPA, CA,
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"As an investor with Dalfen America Corporation, I find it refreshing to read the detailed and accurate reports and updates. The results speak for themselves as I look forward to my third venture in Ashrei (III). I can sincerely say that Murray Dalfen understates not only his ability but his impending results. I am equally impressed with the feeling of confidence that envelops this investment."

Morrie Neiss,
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"For the last 24 years, I have had the opportunity and benefit of being a partner in several of Dalfen America Corporations's real estate ventures. In addition to the outstanding financial performance of these investments, I have gained a deep respect for Murray Dalfen and his entire team for their honesty and integrity in managing such a successful business. Every aspect of the business is 100% transparent and communicated in detail on a quarterly basis. "

Ted Fletcher, President
Mint Green Group Inc.
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"Murray, it is with great pleasure that I write to you expressing my great satisfaction with you and the entire Dalfen America Corp. team. Having invested in many real estate projects over the years, both domestically, and international markets, I must frankly state, that one of the best investments, if not the best, that I have made to date was first in Ashrei II and due to the continued great results, now have invested with a larger sum in Ashrei III. What is especially impressive are the continuous informative and clearly stated updates as events unfold. "

Marcel Elefant, President
Sterost Holdings Inc.
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"'I am a close friend of Murray Dalfen for over 40 years. Because of our trusted friendship over these years, Murray invited me to be a co-investor with him on his first real estate venture 20 years ago. I have been investing in almost every real estate venture Mr. Dalfen has been involved in over those years. Murray has always been forthright with all his partners. He continually provides us with detailed information about each investment and shares his expertise on property management with us.' 'Dalfen America Corp. employs a very competent and knowledgeable real estate staff.' 'His team knows when and where to invest in U.S. industrial properties. Most important once property reaches their financial objectives, it's time to sell and move on.'"

Clifford Besner, Chairman
Docudata Software Corp.
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"It is with pleasure that I recommend Dalfen America Corp. and Murray Dalfen as excellent vehicle for investing in the industrial real estate market. I am a recent investor that has seen handsome returns from our first two investment decisions. We are now investing in our third real estate partnership. Mr. Dalfen is a seasoned and experienced leader in his field, with an outstanding reputation for delivering above market returns for this partners."

Sol Fleising, C.E.O.
SF Marketing
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"I met Sean and Murray about 5 years ago. Being in the investment world, very rarely do we come across such a great team of professionals. We have been investors in Ashrei I, II, III. Sean, Murray and his team have shown tremendous integrity, expertise and professionalism. I have nothing but the highest respect and admiration for them and wish them many more years of continued success. "

Stephane Ruah, Investment Advisor
Industrial Alliance Securities Inc.
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"I am a real estate developer and I have been an investor with Murray Dalfen for over 20 years and I continue to invest with him. The Dalfen organization has always acted with great integrity, acumen and commitment to achieve maximum results for itself and for its investors."

Samuel Gewurz, President
Proment Corporation
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"I have been a consistent Investor with Murray Dalfen for the past twenty years. His expertise, integrity and performance have enabled me to broaden my portfolio in Real Estate Holdings and enabled me to focus on the various companies that I have founded. The returns to date have been more than satisfying. The confidence that I have in Murray keeps me investing in the opportunities that he develops. In fact, Murray now has a second generation of Yulls investing with him."

Melbourne Yull, Founder & Executive Committee Chairman
Intertape Polymer Group
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"I am fortunate to have been a partner with you in a few Dalfen America Corp's real estate ventures for over fifteen years." I am always in awe of your knowledge and skills, in always making the right decisions for the partnerships."You are a man with exemplary business and personal morals. Your high standards makes you a very unique and special person."

Gerry Phillips, President
Gerald P. Phillips Investments Inc.
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"Mr. Dalfen and the various Dalfen companies that are part of the Dalfen Group have been valued clients of our firm for more than 25 years. I have also been an investor in his real estate partnerships. Throughout that time I have found Mr. Dalfen to be a man of the highest integrity and honour."

Michael Richards,
Stikeman Elliott
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"Bank of the Ozarks is proud to have had a long standing relationship with you and the Ashrei entities. Since the inception of our relationship (i.e. March of 2011), we have found you (and the Ashrei entities) to be incredibly proficient at (i) finding "neglected" assets at very favorable pricing (ii) improving the management and operating results at each asset, and (iii) re-tenanting each asset with new, financially viable tenants. While the lending relationship has greatly expanded over the last six (6) years, we sincerely hope to further expand our lending relationship with you and your team. You are a valued client of the  Bank and we appreciate your business!"

Dan Thomas, President - Real Estate Specialties Group
Bank of the Ozarks

"We are proud to have been your bank of choice for over 40 years, having been partners for this length of time we have had the pleasure to be with you every step of the way from building, growing, stabilizing and expanding your business.  Your astute management, entrepreneurial expertise and your professional team have put you in a class of your own. We understand the choice of bank is one of the most consequential a business owner can make and we are proud to have been and continue to be your bank and financial partner."

Joe Jacinto, Senior Relationship Manager, Business Banking
BMO | Bank of Montreal

"Over the past five (5) years, we have provided over $170,000,000 in permanent financing for Mr. Dalfen.  During this period Mr. Dalfen has met all of his obligations in a timely manner.  Mr. Dalfen has consummated transactions with numerous Financial Institutions including Life Companies and Conduits as well as local and regional banks. Mr. Dalfen is unique in the real estate business, in that his word is his bond."

Donald A. Jennewein, Senior Director
CBRE | L. J. Melody Capital Markets
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"As Vice President of Associated Piping Services, Inc. I have known Shelly Drakes, Sandy Elkins and Elaine Cabrera for more than ten years. They are extremely professional, courteous, and motivated. With their superb customer service, they are dedicated to serving all of their tenants needs. I have performed work at many other properties in Orlando and have found that Terracotta Business Plaza is one of the cleanest best kept properties I have visited. It does not have a lot of tenant turnover and, in fact, most of their tenants have been there for many, many years. They make good decisions when it comes to the maintenance of the property. Shelly, Sandy and Elaine make decisions that improve the value of the property while keeping their tenants happy. It has been a pleasure doing business with them and I look forward to many more years of working with them."

Kenneth J. Smith, Vice President
Associated Piping Services
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"In today's market, dealing with a company that communicates all standards clearly and collectively from start to finish is unheard of. Dealing with Dalfen has always been one of the most pleasant parts of my day. We know all expectations up front, and are never led astray when it comes to proving value-added services. It is a pleasure to work with such an up front, knowledgeable, honest group of people. From contract inception to season ending services, I have always been impressed when dealing with Dalfen. Our partnership with Dalfen has always presented itself in a professional, positive atmosphere. From timely return of communication to proactive property management to efficient payables, Dalfen has truly been a great partner in our business world."

Mike Farrier, Account Manager
Becker Landscape
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"For the past 18 years it has been an honor and privilege to have Dalfen America Corp as a client. Having worked at several of their properties throughout Florida, we have always found them to have the utmost respect for their tenants by striving to provide the best product and services to meet their tenants' needs. These past years it has been a pleasure to work directly with Ms. Shelly Drakes, VP. The expertise, drive and professionalism of her and her team never fail to make our job easier. We truly appreciate being allowed the opportunity to work with Dalfen America Corp."

Jack McKee, President
McKee - Thomas Construction, Inc.
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"We serve Dalfen by way of Landscaping Maintenance vendor on properties that they manage. In today's market, it is truly an honor to work with dedicated group of people that above all have the quality of the looks of their properties first and foremost in every way." "My experience with Shelly, Elaine and Sandy is truly out of the pack. The folks at Dalfen are proactive in insuring that performance is tied into the relationship they have with their vendors. It is a two way street, and everyone at Dalfen has gone out of their way to make sure communication is seamless, issues handled immediately, and reporting is accurate. Bottom line; a great management team that knows how to work with quality vendors and translate it into results and excellence in the results columns of their clients. "

Bob Jensen, Sales Manager
Baker Commercial Landscaping
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"Our firm recently had the privilege of consummating an industrial transaction with Robert Kurlender, Dalfen America Corp, and would like to provide our unconditional endorsement and recommendation of their organization." "The Dalfen America organization is an exceptional partner, exhibits very strong fundamentals, has a very dedicated team of real estate practitioners and financial analysts, and the unquestionable ability to execute. Our experience with their organization could not have been more positive."

Richard D. Amon, CPM, Executive Vice President
Colliers International | Raleigh-Durham
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"We have started our business relationship with Dalfen's in 2009 in supplying them sanitory products and solutions. During this time, the relationship has always been friendly and professional, with no credit issue and they are easily reachable."

François Robillard, Account Manager
Wood Wyant
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"I wanted to thank you for the many years that we have been able to provide insurance and Risk Management Services to Dalfen America Corp. You and your staff have always been involved, educated and interested in all your insurance matters, which makes you a great client."

Kenneth M. Jacobs, Senior Vice President
Wells Fargo
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"We have had a professional relationship with Dalfen's for close to 15 years, providing audit, accounting, Canadian Tax compliance and Canadian and US tax and general planning services throughout this period.""I can say without any hesitation that Murray Dalfen and his entire team have been an absolute model client in terms of their professionalism, integrity, respect and cooperation."

Robert Zittrer, Partner Assurance
RSM Richter Chamberland
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"It is a pleasure to represent such an innovative owner. Whatever the Tenant's specific hot button is, we are able to structure terms that solve everyone's goals."

Trevor Franke, Principal
Peloton Commercial Real Estate
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"GTL has been doing business with Dalfen's Ltd. for the past 10 years.""Their pleasant and courteous approach to business relations is a true sign of the high standards and integrity this company holds."

David Goodfellow, President
GTL Construction Ltd.
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"We have worked with Dalfen America Corp. since 1997 in the capacity of providing architectural services. We have found Dalfen America Corp to be extremely competitive in their rental rates. If there is a way to solve any problem, Dalfen America Corp. will find it."

James M. Tatom, Architect, LEED AP
James McKinstry Tatom, Architect, P.A.
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