Colony Industrial Acquires Light Industrial Warehouses in Northern New Jersey and Las Vegas, Nevada
March 26 2019 - 7:00AM
Business Wire
Adds 694,962 square feet to portfolio in two
key major metro markets
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.
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