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April 26, 2018 at 9:49 AM EDT
Marks the platform's third light industrial warehouse investment in this growing market
Dallas, April 26, 2018 — Colony Industrial announced today that it has acquired a two-building warehouse portfolio at Henderson Freeways Crossing in the Henderson submarket of Las Vegas, NV. 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 two Class A light industrial buildings at Henderson Freeways Crossing, located at 8385 and 8390 Eastgate Road in Henderson, NV, south of Las Vegas, total 363,450 square feet. These recently constructed buildings are 45% leased to five high-quality tenants. The buildings are strategically located with immediate access to Interstate 215 (Las Vegas' perimeter highway) and Interstate 515 (north-south corridor from downtown Las Vegas), which provide convenient access to Interstate 15 (major national north-south corridor).
Lew Friedland, Colony NorthStar Managing Director and head of Colony Industrial, said, "Las Vegas has the investment attributes we like – good growth, with low vacancies and strong demand for well-located, "last mile" warehouse space. This latest addition to our Las Vegas portfolio is strategically located near major roadways and near leading national and international corporations and will help us achieve critical mass in this market."
The two-building portfolio at Henderson Freeways Crossing is Colony Industrial's third investment in Las Vegas over the last year.
CBRE's Kevin Higgins acted as real estate broker on the transaction.
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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 as of March 31, 2018. 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 approximately 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.