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July 11, 2018 at 8:24 AM EDT
Acquires last-mile warehouse properties in three high-demand markets: Northern NJ, Baltimore, MD and San Antonio, TX
DALLAS--(BUSINESS WIRE)--Colony Industrial announced today it has acquired a portfolio of properties in Northern NJ and added new properties in Baltimore, MD and San Antonio, TX, increasing its industrial portfolio by 1.1 million square feet. Colony Industrial is the light industrial platform of Colony Capital, Inc. (NYSE: CLNY), a diversified global real estate investment firm with $43 billion of assets under management.
Northern New Jersey
The acquisition of the Northern New Jersey Last Mile Logistics portfolio was completed on June 21, 2018 by Colony Industrial and consists of 10 light industrial buildings that total 639,681 square feet. The portfolio is strategically located along the I-95 and I-80 corridors, in four industrial submarkets which provide convenient access to New York City and the surrounding area.
“This is Colony Industrial’s first acquisition in Northern New Jersey, a gateway market in high demand for last-mile warehouse logistics space and with low vacancies,” said Lew Friedland, Managing Director at Colony Capital and head of Colony Industrial. “These infill buildings that are 91% leased to 11 high-quality tenants are a great fit with our overall portfolio and we look forward to future growth in this market.”
CBRE National Partners Brian Fiumara, Michael Hines, Brad Ruppel, and Lauren Dawicki acted as real estate brokers on the deal.
Preston Court, Baltimore, Maryland
On July 2, 2018 Colony Industrial acquired 8261 Preston Court, Baltimore, MD in the strategically located Baltimore-Washington Corridor industrial submarket, consisting of one building totaling 90,058 square feet in a multibuilding industrial park. The building is currently vacant.
Commented Mr. Friedland, “The acquisition is Colony Industrial’s fifth building within the industrial park and brings our total Baltimore square footage to 2.9 million square feet. The redevelopment and upgrades to our newest property have already begun and include the addition of a 40,000-square-foot trailer parking lot, replacing HVAC and upgrading the critical dock equipment, among many other improvements. When the renovations are complete we expect the property to be leased quickly.”
CBRE’s Robert Cashman and Jonathan Beard acted as real estate brokers on the transaction.
Enterprise Industrial Park building III, San Antonio, Texas
Colony Industrial acquired Enterprise Industrial Park building III in San Antonio on June 28, 2018. The Class A light industrial building totals 359,251 square feet and is located adjacent to Enterprise Industrial Park buildings I and II that Colony Industrial acquired in March 2018.
Mr. Friedland said, “We are excited to now own three buildings totaling approximately 1 million square feet in the San Antonio market and with an excellent location one mile from Interstate 35. We see the currently vacant Enterprise building III as a significant value-add opportunity as we lease up the space.”
Colony Industrial transacted directly with the seller, Robinson Weeks Partners.
About Colony Industrial
Headquartered in Dallas, TX, Colony Industrial is the industrial platform of Colony Capital, Inc. The platform owns and manages 47.5 million square feet of warehouse buildings in 20 major markets across the United States, with a gross asset value of more than $3.5 billion as of June 30, 2018. Its diversified tenant base includes major national B2B, B2C, wholesale and consumer businesses. For more information, visit www.clny.com/industrial.
About Colony Capital, Inc.
Colony Capital, Inc. (NYSE: CLNY) is a leading global investment management firm with assets under management of $43 billion. The company 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. Colony Capital has significant holdings in: (a) the healthcare, industrial and hospitality property sectors; (b) Colony Credit Real Estate, Inc. (NYSE: CLNC) and NorthStar Realty Europe Corp. (NYSE: NRE), which are both externally managed by subsidiaries of Colony Capital; and (c) various other equity and debt investments. Colony Capital is headquartered in Los Angeles with over 400 employees in offices located across 19 cities in ten countries. For additional information regarding the Company and its management and business, please refer to www.clny.com.