DALLAS — Colony Industrial has sold a light industrial portfolio spanning 2.3 million square feet across four states for $136 million. Nuveen Real Estate, a subsidiary of TIAA, purchased the properties.
The sale includes 18 buildings in Atlanta, five in Dallas, five in Houston and six buildings spread across Pennsylvania and New Jersey.
CBRE National Partners represented Dallas-based Colony Industrial in the sale. Colony Industrial is the industrial platform of Colony Capital Inc. (NYSE: CLNY), a real estate investment firm with $44 billion of assets under management.
“We’ve owned and operated these assets for some time and the portfolio value had achieved Colony Industrial’s targets,” says 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 our long-term strategic plans.”
Nuveen is an investment manager that maintains its international headquarters in New York.
— Kristin Hiller