Downtown-based Colony Capital Inc.’s industrial platform, Dallas-based Colony Industrial, sold a light industrial portfolio to Nuveen Real Estate for $136 million, Colony Capital announced Feb. 25.
The portfolio has 2.3 million square feet in Atlanta, Dallas, Houston, Pennsylvania and New Jersey.
“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 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.”
CBRE National Partners represented Colony Capital in the sale.
Industrial properties have seen increasing demand as e-commerce and fast shipping promises increase. Roughly 13.6 million square feet of industrial space was sold or leased in the fourth quarter of 2018, up 16.2 percent from the year prior, according to data from Jones Lang LaSalle Inc.
Commercial real estate reporter Hannah Madans can be reached at [email protected]. Follow her on Twitter @HannahMadans
