Colony Capital Inc. is not pinching pennies.
The Santa Monica real estate investment trust spent north of $200 million earlier this month on an 11-property office and industrial portfolio that includes three assets in Los Angeles County, as well as buildings in San Diego, Riverside and Sacramento, according to sources with knowledge of the deal.
Colony, which went public in April by merging with its existing REIT, Colony Financial, spent more than $130 a square foot on the properties, which total about 1.5 million square feet. The seller was Bank of America, which recently took over the properties that formerly belonged to Garden Grove real estate firm Abbey Co.
Colony Capital and Bank of America could not immediately be reached for comment on the deal. Kevin Shannon and Scott Schumacher of CBRE Group Inc., who represented Bank of America in the transaction, declined to comment.
Colony Capital represented itself in the deal, sources said. It plans to add value to the large office and industrial buildings, which are an average of 60 percent leased, making improvements to increase occupancy. Then it will reposition the buildings and sell them.
The Los Angeles County properties in the portfolio are Catalina Landing, a four-building 278,797-square-foot Class A office campus at 310-340 Golden Shore in Long Beach; Commerce Plaza, an office park consisting of multiple buildings in Commerce; and Glendora Plaza, a retail center in Glendora.
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