DALLAS — Affiliates of Dallas-based Colony Capital have purchased a national portfolio of 54 light and bulk industrial buildings for $1.2 billion. The value-add portfolio is located across 10 U.S. markets, totaling 11.9 million square feet, and is 71 percent leased.
A portion (48) of the buildings are last-mile light industrial assets and were acquired through Colony’s existing light industrial platform. The remaining six buildings are bulk industrial and were purchased through a newly formed joint venture, in which Colony Capital has 51 percent interest and a third-party institutional investor has 49 percent interest.
Located in Northern and Southern California, Washington, Oregon, Nevada, Illinois and Pennsylvania, the light industrial portfolio totaling 7.7 million square feet and was 73 percent leased at the time of sale. The bulk portfolio totals 4.2 million square feet, with an average of 700,000 square feet per building, and was 67 percent leased to blue chip, international companies.
CBRE National Partners represented the undisclosed seller in the deal.