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August 1, 2018 at 2:43 PM EDT
The two-building warehouse property is the firm's latest investment in the growing Las Vegas market
DALLAS--(BUSINESS WIRE)--Colony Industrial announced today it has acquired a portfolio of two warehouse properties in Las Vegas, NV located at 1055 and 1220 Trade Drive. 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.
Colony Industrial acquired the two Class A light industrial buildings on July 30, 2018, and now owns six buildings in Las Vegas with an additional three under construction. The Trade Drive properties total 204,740 square feet and are strategically located with access to Interstate 15 (national north-south corridor) and Interstate 215 (Las Vegas' perimeter highway). The buildings are 100% leased to two high-quality tenants.
"Las Vegas is an attractive market for us as we expand our platform of last-mile, industrial logistics properties," said Lew Friedland, Managing Director at Colony Capital and Head of Colony Industrial. "It has the advantages of major national and international customers, high demand and low vacancies. The Trade Drive portfolio is well-located in the North Las Vegas submarket, just six miles from downtown Las Vegas and less than 12 miles from McCarran International Airport."
Cushman & Wakefield's Danielle Steffen acted as real estate broker on the transaction.
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.