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Colony buys $138m worth of Californian assets

by Andrea Waitrovich

Colony Capital has spent $138.4 million to acquire a 10-property portfolio from Bank of America.

The portfolio totals 623,759 square feet of industrial, office and retail assets located across California, specifically in Glendora, Riverside, Long Beach, Los Angeles, Sacramento and San Diego. More than half of the total square footage is located in San Diego, comprising two office assets and two industrial properties.

The largest property was the 275,962-square-foot office Catalina Landing in Long Beach, Calif. Other properties in Los Angeles County include the 83,995-square-foot Glendora Promenade, a retail center, and the 194,231-square-foot Pacifica Commercial Plaza, an office park in Los Angeles.

Only one property was located in Northern California, the 185,859-square-foot Landmark Business & Financial Center in Sacramento.

Colony went public in April by merging with its existing REIT, Colony Financial.

 

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