Colony Capital has acquired approximately 11.9 million square feet industrial real estate protfolio for $1.16 billion in 10 U.S markets. The portfolio consists of 48 last-mile logistics buildings and 6 bulk industrial buildings.
The portfolio is 73% leased and most tenants are national or international corporations.
The properties are located across the U.S. in Northern and Southern California, Washington state, Oregon, Nevada, Illinois , Pennsylvania and Kentucky.
“Our industrial platform has been scaling rapidly over the past four years and this transaction is a milestone that expands our portfolio by 25% in square footage,” said Lew Friedland, Managing Director at Colony Capital and head of Colony Industrial. “These high quality, well-located light industrial assets will give us a stronger presence in both our existing markets and new target markets across the country, especially on the West Coast.”
Mr. Friedland added, “This acquisition represents a strategic expansion by Colony’s industrial platform into the bulk industrial space which complements our strong presence in last-mile, warehouse logistics. Our growing national network of industrial warehouse options gives us new opportunities to serve customers and create synergies from strong existing relationships with tenants, owners, sellers and brokers.”
Colony Capital, Inc. (“Colony Capital” or the “Company”) is a diversified global real estate investment firm with $43 billion of assets under management.