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 the 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.
Representatives of Colony Capital and Bank of America declined to comment on the deal. Kevin Shannon and Scott Schumacher of CBRE Group Inc., who represented Bank of America in the transaction, also 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 county properties in the portfolio are Catalina Landing, a four-building, 278,797-square-foot Class A office campus at 310-40 Golden Shore in Long Beach; Commerce Plaza, an office park consisting of multiple buildings in Commerce; and retail center Glendora Plaza.
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