Colony Capital offloads industrial portfolio to Nuveen for $136M

The portfolio includes 18 properties in Atlanta and in 4 other markets

TRD LOS ANGELES /
Feb.February 26, 2019 10:00 AM
Colony Capital Head of Industrial Lewis Friedland and Nuveen Head of US Real Estate Chris McGibbon

Colony Capital Inc. has dealt a light industrial portfolio to Nuveen Real Estate for $136 million.

The Downtown Los Angeles-based investor sold the 2.3-million-square-foot portfolio through its Dallas, Texas-based platform Colony Industrial, according to the L.A. Business Journal. It comprises 34 properties in Atlanta, Dallas, Houston, Pennsylvania, and New Jersey. About half are in Atlanta.

New Jersey has one of the hottest industrial markets in the country. Around $2.6 billion worth of property traded in 2018. Average prices rose 19 percent last year to $126.67 per square foot.

More broadly, the availability of warehouse space across the country last year was the lowest it’s been since 2000. Demand exceeded supply by about 6 million square feet in the fourth quarter alone, and 29 million square feet for the year.

Some investors are looking to cash in on demand. Black Creek Group is weighing a sale of its 240-property Industrial Property Trust REIT. The portfolio could be worth $3.5 billion.

Colony Capital found itself in the news earlier this month for chairman Tom Barrack’s bizarre comments in Abu Dhabi about Saudi Arabia’s killing of journalist Jamal Khashoggi. Barrack, whose company owns hundreds of millions of dollars of real estate in the region, downplayed the murder, saying, “atrocities in America are equal, or worse, to the atrocities in Saudi Arabia.” [LABJ] — Dennis Lynch 


Related Articles

arrow_forward_ios
6277 E. Slauson Avenue, and from left: Prologis CEO Hamid Moghadam and Rexford Industrial co-CEOs Howard Schwimmer and Michael Frankel (Credit: Google Maps)

Rexford buys industrial property from Prologis for $41M

NAI Capital Vice President of Research, Marketing, and Communications J.C. Casillas and the Port of Los Angeles (Credit: iStock)

LA’s industrial market may be at max capacity

Transwestern CEO Carleton Riser and the Inland Empire property

Inland Empire’s industrial reign continues as Transwestern buys massive Eastvale warehouse site

Terreno Realty Chairman & CEO W. Blake Baird

Terreno Realty makes another industrial play in LA

From left: Prologis CEO Hamid Moghadam, and Randall L. Stephenson, chairman and CEO of AT&T Inc, with the site

Industrial powerhouse Prologis picks up 11-acre property in Commerce

ASB CEO Robert Bellinger and Columbia Business Park

This industrial deal was one of the biggest acquisitions ever in Inland Empire

CIO Matt Evans, COO Alan Kraft and Todd Platt, CEO of Hillwood with Dedeaux Sycamore Canyon Distribution Park

Dedeaux Properties buys 1M sf industrial portfolio in Inland Empire

Lonzo Ball and the warehouse (Credit: Getty Images)

This just-traded LA Laker just sold his South LA warehouse

arrow_forward_ios