Colony Capital buys $1.2B industrial portfolio spread across US

Deal includes 54 properties, expands company's footprint by 25%

TRD LOS ANGELES /
Mar.March 06, 2019 03:30 PM
Colony Capital’s Lew Friedland and Thomas J. Barrack Jr.

Less than a month after unloading $136 million worth of assets, Colony Capital said it is buying a massive $1.2-billion portfolio of industrial properties spread across the country.

The deal, which includes 54 buildings totaling about 11.9 million square feet, will expand the firm’s footprint by 25 percent in square footage terms, said Lew Friedland, managing director at Colony Capital.

The properties are in 10 markets, including Northern and Southern California, Illinois, Washington, Oregon, Nevada, and Pennsylvania.

The investment company, which is based in Downtown Los Angeles and run by billionaire founder Thomas Barrack Jr., a prominent ally of President Donald Trump, now manages $43 billion of assets.

Colony Capital did not disclose the seller. Records for one location show it belonged to Dermody Properties – a logistics and industrial firm based in Nevada with properties listed for sale throughout the country.

Forty-eight of the buildings are light industrial properties with about 7.7 million square feet of space. The buildings average 160,000 square feet in size, and are 73-percent leased.

The remaining six buildings are bulk industrial. They represent 4.2 million square feet of space, with an average of 700,000 square feet per building.

In February, the firm traded a 2.3-million-square-foot industrial portfolio worth $136 million to Nuveen Real Estate. Colony Capital also runs the fund that manages Michael Jackson’s Neverland Ranch estate, which recently returned to the market with a $31-million price cut.

The firm was drew media attention in February after Barrack, the CEO, seemingly downplayed the murder of journalist Jamal Khashoggi in Saudi Arabia.


Related Articles

arrow_forward_ios
Brett Dedeaux and the property (Credit: Dedeaux Properties and DB&R Marketing Communications via Commercial Observer)

Dedeaux, Stockbridge boost industrial portfolio

Dedeaux, Stockbridge boost industrial portfolio
(iStock)

SoCal developers say demand for office, retail space will continue to drop

SoCal developers say demand for office, retail space will continue to drop
Aerial of inland empire industrial areas (Credit: CBRE via OBSERVER MEDIA)

The Inland Empire’s booming logistics industry is a double-edge sword

The Inland Empire’s booming logistics industry is a double-edge sword
Brookfield Asset Management CEO Bruce Flatt and Woodridge CEO Michael Rosenfeld with 101 S. Marengo Avenue, and a rendering of the building (Credit: Google Maps)

CRE investment sales in LA sank like a stone in May

CRE investment sales in LA sank like a stone in May
Jeff Bezos and the IAC Commerce Center (Credit: Phillip Faraone/Getty Images and IAC Commerce Center)

Amazon expands LA footprint with big warehouse lease

Amazon expands LA footprint with big warehouse lease
The development site at 2830-2900 E. Washington Boulevard (Credit: Google Maps)

Camfield Partners plans warehouse-office combo in Boyle Heights

Camfield Partners plans warehouse-office combo in Boyle Heights
Brookfield Asset Management CEO Bruce Flatt

Brookfield scoops up Carson industrial properties for $64M

Brookfield scoops up Carson industrial properties for $64M
3M CEO Mike Roman and Altaris Capital Partners Principal Garikai Nyaruwata

N95 mask-maker 3M sells Northridge manufacturing plant

N95 mask-maker 3M sells Northridge manufacturing plant
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...