Lew Friedland
DALLAS—Colony Industrial has sold a light industrial portfolio to Nuveen Real Estate, a division of TIAA, for $136 million. The portfolio totals 2.3 million square feet and is located in four markets: there are eighteen buildings in Atlanta, five buildings in Dallas, five buildings in Houston and six buildings in PA/NJ.
“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, in a prepared statement. “We reevaluate 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.”
Colony Industrial was represented in the sale by CBRE National Partners.
Colony Industrial is the industrial platform of Colony Capital, a diversified global real estate investment firm with $44 billion of assets under management.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
