Goldman Sachs Asset Management and Dalfen Industrial Acquire Roxbury NJ Warehouse from Adler Roxbury LLC — Off-Market JLL Deal; Price Undisclosed

On December 27, 2023, Dalfen Industrial (Dallas, TX) acquired the 470,044-square-foot Roxbury Logistics Center at 1879 Route 46, Roxbury Township, NJ (Block 9501, Lot 1) in an off-market transaction sourced by JLL (Joel Lubin, Gary Politi, Chris Hile). The acquisition was completed in partnership with Goldman Sachs Asset Management as the majority capital partner, forming DG Roxbury Property Owner LP, a Delaware limited partnership.

The seller was Adler Roxbury, LLC — an affiliate of New Jersey-based Adler Development — which had developed the property (site plans submitted to Roxbury Township in 2019, building completed approximately 2022). The 2023 acquisition price was not disclosed by any party.

The building sat vacant for approximately two years after acquisition — a point explicitly acknowledged by Goldman Sachs spokesperson Ylan Mui in March 2026 press coverage: “This property, which sat vacant for two years, was held in a real estate investment fund that we manage. We had a fiduciary obligation to investors in the fund to sell it.”

Approximately 14 months later, on February 19, 2026, DG Roxbury Property Owner LP sold the property to the U.S. Department of Homeland Security for $129.3 million — reported at ~137% over assessed value — for conversion into a 1,500-bed ICE detention facility (2026-02–dhs-purchases-goldman-dalfen-roxbury-nj-warehouse).

Property Encumbrances at Transfer

The property was sold subject to a conservation easement (running with the land in perpetuity) that NJDEP required Adler Roxbury, LLC to execute as a condition of the Site Specific Water Quality Management Plan amendment. The easement covers the majority of the land not occupied by the warehouse structure and prohibits soil disturbance and structure installation. The easement required advance notification to NJDEP before any ownership transfer — a requirement that DHS subsequently violated when it purchased the property on February 19, 2026 without prior notice (2026-03-20–nj-roxbury-sue-ice-dhs-detention-warehouse).

Research Gaps

• Acquisition price paid by DG Roxbury Property Owner LP to Adler Roxbury LLC — Morris County deed with transfer consideration needed
• Specific GSAM fund vehicle that held Goldman’s majority interest in DG Roxbury Property Owner LP
• GP/managing member of DG Roxbury Property Owner LP — Delaware LP filings or Morris County deed instrument

Related Entries

• 2026-02–dhs-purchases-goldman-dalfen-roxbury-nj-warehouse — the DHS acquisition 14 months later
• 2026-03-20–nj-roxbury-sue-ice-dhs-detention-warehouse — NJ AG litigation citing conservation easement
• forst-edward — GSA Administrator Goldman-alumni conflict
• roxbury-nj-goldman-dalfen-llc-chain — full LLC chain research note