Colony Capital has paid $1.16bn (鈧�1.03bn) for a portfolio of 54 light and bulk industrial buildings located across 10 US markets.
The $43bn global real estate investor said its subsidiaries bought the 11.9m square feet value-add portfolio from an unnamed seller represented by CBRE National Partners.
Forty-eight of the buildings are last-mile light industrial and were acquired through Colony鈥檚 existing light industrial platform.
The remaining six buildings are bulk industrial and were acquired through a newly formed joint venture in which Colony Capital has a 51% interest and a third-party institutional investor has a 49% interest.
Lew Friedland, MD at Colony Capital and head of Colony Industrial, said: 鈥淥ur 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.鈥�
Friedland said the light industrial assets will give Colony a stronger presence in both its existing markets and new target markets across the country, especially on the West Coast.
鈥淭his acquisition represents a strategic expansion by Colony鈥檚 industrial platform into the bulk industrial space which complements our strong presence in last-mile, warehouse logistics.
鈥淥ur growing national network of industrial warehouse options gives us new opportunities to serve customers and create synergies from strong existing relationships with tenants, owners, sellers and brokers.鈥�
The light industrial assets, made up of 48 buildings, are located across the US in Northern and Southern California, Washington state, Oregon, Nevada, Illinois and Pennsylvania. The portfolio is 73% leased.
The bulk portfolio assets, representing 4.2m square feet, are located in Oregon, Northern California, Nevada, Pennsylvania and Kentucky. The portfolio is 67% leased.
