Colony Industrial enters Northern New Jersey
Colony Industrial has acquired a portfolio of properties in Northern New Jersey and added new properties in Baltimore and San Antonio, increasing its industrial portfolio by 1.1 million square feet.
Colony Industrial is the light industrial platform of Colony Capital, a diversified global real estate investment firm with $43 billion of assets under management.
The acquisition of the Northern New Jersey Last Mile Logistics portfolio was completed on June 21, 2018, by Colony Industrial and consists of 10 light industrial buildings that total 639,681 square feet. The portfolio is strategically located along the I-95 and I-80 corridors, in four industrial submarkets, which provide convenient access to New York City and the surrounding area.
This is Colony Industrial’s first acquisition in Northern New Jersey, a gateway market in high demand for last-mile warehouse logistics space and with low vacancies,” said Lew Friedland, managing director at Colony Capital and head of Colony Industrial. “These infill buildings that are 91 percent leased to 11 high-quality tenants are a great fit with our overall portfolio, and we look forward to future growth in this market.”
Colony Industrial acquired 8261 Preston Court, Baltimore, in the strategically located Baltimore-Washington Corridor industrial submarket, consisting of one building totaling 90,058 square feet in a multibuilding industrial park. The building is currently vacant.
The acquisition is Colony Industrial’s fifth building within the industrial park and brings Colony Industrial’s total Baltimore square footage to 2.9 million square feet.
And Colony Industrial acquired Enterprise Industrial Park building III in San Antonio. The class A light industrial building totals 359,251 square feet.
The acquisition is Colony Industrial’s third building in the San Antonio market, and the firm’s local portfolio now totals 1 million square feet.