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April 6, 2018 at 2:26 PM EDT
Expands portfolio of light industrial warehouse properties in new high growth market
Dallas, April 6, 2018 — Colony Industrial announced today that it has acquired Enterprise Industrial Park in San Antonio, TX for $52.1 million. Colony Industrial is the industrial platform of Colony NorthStar (NYSE:CLNS), a diversified global real estate investment firm with $43 billion of assets under management.
Enterprise Industrial Park, located at 17745 Lookout Road, is a two building, Class A light industrial complex totaling 639,797 square feet. The buildings are currently 88% leased to nine high-quality tenants with a weighted average lease term remaining of 5.3 years. The property is conveniently located within one mile of a full-diamond interchange of Interstate 35, the city's major North-South interstate highway.
Lew Friedland, Managing Director at Colony NorthStar and head of Colony Industrial, said, "We are excited to enter the growing San Antonio market with Enterprise Industrial Park, Colony Industrial's first acquisition in this market. Ecommerce and the increasing need for fast delivery are driving strong demand for well-located, infill warehouse space that occupies the critical "last-mile" link in the logistics chain. We look forward to expanding our presence in San Antonio."
Randy Baird, Jonathan Bryan, and Ryan Thornton from CBRE National Partners acted as real estate brokers on the deal.
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About Colony Industrial
Headquartered in Dallas, TX, Colony Industrial is the industrial platform of Colony NorthStar (NYSE: CLNS), a diversified global real estate investment firm with $43 billion of assets under management. The platform owns and manages over 45 million square feet of warehouse buildings in 18 major markets across the United States. Its diversified tenant base includes major national B2B, B2C, wholesale and consumer businesses. For more information, visit www.clns.com/industrial.
About Colony NorthStar
Colony NorthStar, Inc. (NYSE:CLNS) is a leading global real estate and investment management firm. Colony NorthStar has significant property holdings in the healthcare, industrial and hospitality sectors, other equity and debt investments and an embedded institutional and retail investment management business. Colony NorthStar currently has assets under management of $43 billion and manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded real estate investment trusts and registered investment companies. The firm maintains principal offices in Los Angeles and New York, with more than 500 employees in offices located across 18 cities in ten countries. Colony NorthStar will elect to be taxed as a REIT for U.S. federal income tax purposes. For additional information regarding Colony NorthStar and its management and business, please refer to www.clns.com.
For Colony Industrial
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