Colony Industrial Acquires Light Industrial Warehouses in Northern New Jersey and Las Vegas, Nevada
March 26, 2019 at 7:00 AM EDT
Adds 694,962 square feet to portfolio in two key major metro
markets
DALLAS--(BUSINESS WIRE)--Mar. 26, 2019--
Colony Industrial announced today that it has acquired a Class A
building in Northern NJ with 271,176 square feet in a transaction that
closed on January 31, 2019, and two Class A light industrial buildings
in Las Vegas totaling 423,786 square feet in a transaction that closed
on January 24, 2019. Colony Industrial is the 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
Located at 100 Performance Drive in Mahwah, NJ, the warehouse building
was constructed in 2018 and is 100% leased to Snow Joe with a long-term
lease. This acquisition is the second and final tranche of closing for
the Northern New Jersey Last Mile Logistics Portfolio, for which Colony
Industrial closed the first tranche on June 21, 2018, along with the
acquisition of 10 other buildings announced on July 11, 2018. This will
bring Colony Industrial’s holdings in Northern New Jersey to 910,857
square feet.
The building is located in Bergen County, NJ, directly off Route 17,
with convenient access to I-287 and I-87, near the border of New York
and New Jersey.
“This acquisition marks an expansion of our portfolio in Northern NJ
that began last year. We are very pleased to add another excellent
building in a market with high demand for last-mile logistics space and
low vacancy rates,” said Lew Friedland, Managing Director at Colony
Capital and head of Colony Industrial.
CBRE National Partners Brian Fiumara, Michael Hines and Brad Ruppel
acted as real estate brokers on the transaction.
Las Vegas, NV
Colony Industrial also acquired the Northern Beltway Portfolio at 5402
and 5406 East El Campo Grande Avenue, consisting of two Class A light
industrial buildings that are 92% leased to four high quality tenants,
including General Electric, the Department of Veterans Affairs, and Bed,
Bath & Beyond. The portfolio’s premier distribution location provides
tenants with convenient access to Interstate 15 (major north-south
corridor).
Lew Friedland added, “With the acquisition of the Northern Beltway
Portfolio, Colony Industrial will have over 1.7 million square feet of
space in the Las Vegas market, which is one of the fastest growing
markets in the US for last-mile logistics space.”
JLL’s Bo Mills, Mark Detmer and Ryan Sitov acted as real estate brokers
on the transaction.
About Colony Industrial
Headquartered in Dallas, TX, Colony Industrial is the industrial
platform of Colony Capital, Inc. As of December 31, 2018, the platform
owned and operated 48.5 million square feet of warehouse buildings in 20
major markets across the United States, with a gross asset value of more
than $3.7 billion. 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, traded and non-traded real estate
investment trusts and registered investment companies. The Company 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 the Company; and (c) various other equity and
debt investments. The Company is headquartered in Los Angeles with key
offices in New York, Paris and London, and has over 400 employees across
17 locations in ten countries. For additional information regarding the
Company and its management and business, please refer to www.clny.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190326005307/en/
Source: Colony Capital, Inc.
For Colony Industrial
Blicksilver PR
Lisa
Baker
914-725-5949
lisa@blicksilverpr.com
or
Caroline
Luz
203-656-2829
caroline@blicksilverpr.com
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