Colony Capital unit doubles down on New Jersey industrial space

An affiliate of Colony Capital, the Los Angeles-based private equity firm founded by billionaire Thomas Barrack Jr., closed on a two-property acquisition last week that included a warehouse in Las Vegas and a 271,176-square-foot industrial property at 100 Performance Drive in Mahwah. According to GlobeSt, power tools manufacturer Snow Joe has fully leased the building, which was constructed in 2018. Real Estate NJ reported that the Mahwah property being bought by Colony Industrial for an undisclosed sum is the last in an 11-building national portfolio that the firm began to acquire last year. The outlet noted that Englewood-based industrial landlord the Sitex Group built and delivered the building after the redevelopment of Sharp Electronics’ former North American headquarters on the site. CBRE Group’s Brian Fiumara, Michael Hines and Brad Ruppel brokered the transaction, which brings Colony Industrial’s holdings in northern New Jersey to 910,857 square feet. Colony Industrial’s parent paid $77 million last year to buy 10 light industrial facilities in New Jersey totaling 639,681 square feet. As reported by The Real Deal in March, Colony Capital just completed another $1.2 billion deal comprising 54 industrial properties across the country. [GlobeSt]