Affiliates of downtown-based Colony Capital Inc. have acquired 54 industrial buildings for $1.16 billion, the company announced March 5.

The properties span 10 markets, including Southern California, and 11.9 million square feet. The portfolio is 71 percent leased.

The portfolio is made up of 48 last-mile properties acquired through Colony’s light industrial platform and six bulk industrial properties acquired through a newly formed joint venture. Colony Capital has a 51 percent interest in the joint venture. A third-party has a 49 percent interest.

Lew Friedland, managing director at Colony Capital, said the transaction expands the group’s square footage by 25 percent.

In a statement, Friedland described the acquisition as a “strategic expansion” in the company’s industrial warehouse network to compliment its holdings in last-mile, warehouse logistics.

The seller was represented by CBRE National Partners.

Commercial real estate reporter Hannah Madans can be reached [email protected]. Follow her on Twitter @HannahMadans