Sale totals 2.3 million square feet of warehouse assets in Atlanta, Dallas, Houston and Pennsylvania/New Jersey
DALLAS--(BUSINESS WIRE)--Feb. 25, 2019-- Colony Industrial announced that it closed the sale of a light industrial portfolio on February 20, 2019 to Nuveen Real Estate, a division of TIAA, for $136 million. Colony Industrial is the industrial platform of Colony Capital, Inc. (NYSE: CLNY), a diversified global real estate investment firm with $44 billion of assets under management.
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Lew Friedland, Managing Director at Colony Capital and head of Colony Industrial (Photo: Business Wire)
The warehouse portfolio totals 2.3 million square feet and is situated in four markets including eighteen buildings in Atlanta, five buildings in Dallas, five buildings in Houston and six buildings in PA/NJ.
“We’ve owned and operated these assets for some time and the portfolio value had achieved Colony Industrial’s targets,” said Lew Friedland, Managing Director at Colony Capital and head of Colony Industrial. “We reevaluate the portfolio as opportunities arise, and this sale to Nuveen enables us to rebalance our property mix to align with Colony Industrial’s long-term strategic plans.”
Colony Industrial was represented in the sale by CBRE National Partners. In 2018 CBRE National Partners completed 248 transactions (253 MSF), for 154 clients, to 127 different buyers, resulting in $19B+ in value.
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 $44 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. 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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Source: Colony Industrial
For Colony Industrial