Colony Industrial has sold a light industrial portfolio to Nuveen Real Estate, a division of TIAA, for $136 million. Colony Industrial is the industrial platform of Colony Capital, a diversified global real estate investment firm with $44 billion of assets under management.
The warehouse portfolio totals 2.3 million square feet and is situated in four markets including 18 buildings in Atlanta, five buildings in Dallas, five buildings in Houston and six buildings in Pennsylvania and New Jersey.
“We’ve owned and operated these assets for some time, and the portfolio value had achieved Colony Industrial’s targets,” said Lew Friedland, managing director at Colony Capital and head of Colony Industrial. “We re-evaluate the portfolio as opportunities arise, and this sale to Nuveen enables us to rebalance our property mix to align with Colony Industrial’s long-term strategic plans.”
