Colony Industrial Buys Maryland, Other Industrial Facilities
All together the company has acquired 1.1-million square feet in three markets.
BALTIMORE–Dallas-based Colony Industrial has made three acquisitions of industrial assets across the country, including a local one.
Colony Industrial, which is the industrial platform of Colony Capital, acquired a total of 1.1-million square feet with its purchases.
Baltimore
The Baltimore property it acquired was the 90,058-square foot 8261 Preston Ct. The building, which is currently vacant, is located within a multi-building industrial park.
This is Colony Industrial’s fifth building within the industrial park and brings its total Baltimore square footage to 2.9 million square feet. Colony Industrial has begun work redeveloping the property, upgrades that include a 40,000-square-foot trailer parking lot and replacing HVAC, among other improvements. CBRE’s Robert Cashman and Jonathan Beard acted as real estate brokers on the transaction.
Northern New Jersey
The acquisition of the Northern New Jersey Last Mile Logistics portfolio is the company’s first in this submarket. It consists of 10 light industrial buildings that total 639,681 square feet. The portfolio is located along the I-95 and I-80 corridors, in four industrial submarkets that provide access to New York City and the surrounding area.
“These infill buildings that are 91% leased to 11 high-quality tenants are a great fit with our overall portfolio and we look forward to future growth in this market,” said Lew Friedland, Managing Director at Colony Capital and head of Colony Industrial, in a prepared statement.
CBRE National Partners Brian Fiumara, Michael Hines, Brad Ruppel, and Lauren Dawicki acted as real estate brokers on the deal.
San Antonio, Texas
Colony Industrial also acquired Enterprise Industrial Park building III in San Antonio. The Class A light industrial building totals 359,251 square feet and is located adjacent to Enterprise Industrial Park buildings I and II that Colony Industrial acquired in March 2018. Its new building is also, like the Baltimore asset, vacant. Colony Industrial sees it as a value-add opportunity, Friedland said.
Colony Industrial transacted directly with the seller, Robinson Weeks Partners.