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Colony Capital Acquires $1.2B National Industrial Real Estate Portfolio
Affiliates of Dallas-based Colony Capital, Inc. acquired a national portfolio of 54 light and bulk industrial buildings reportedly from Reno, NV-based Dermody Properties for $1.16 billion. The 71%-leased, value-add portfolio is located across 10 U.S. markets and totals roughly 11.9 million square feet. The properties are located in Northern and Southern California, Washington state, Oregon, Nevada, Illinois and Pennsylvania.
Forty-eight of the buildings are last-mile light industrial, and were acquired through Colony’s existing light industrial platform. The remaining six buildings are bulk industrial, and were acquired through a newly-formed JV in which Colony Capital has a 51% interest and an unnamed third-party institutional investor has a 49% interest.
“Our industrial platform has been scaling rapidly over the past four years, and this transaction is a milestone that expands our portfolio by 25% in square footage,” says Colony Capital’s Lew Friedland, noting the high quality, well-located light industrial assets boost its presence in existing markets while establishing a footprint in new ones, especially the West Coast.
The seller was represented by CBRE National Partners.
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