DALLAS, April 10, 2018 /PRNewswire/ -- Colony
Industrial announced today that it has acquired Westside Industrial
Park in Jacksonville, FL for
$77.5 million. Colony Industrial is
the industrial platform of Colony NorthStar (NYSE: CLNS), a
diversified global real estate investment firm with $43 billion of assets under management.
The Westside Industrial Park portfolio, located at 4601 Bulls
Bay Highway (Buildings 100, 200, and 300) and 4910 Bulls Bay
Highway, consists of four Class A light industrial buildings
totaling 1,286,359 square feet. The buildings are currently 99.8%
leased to nine high-quality tenants. The property has a premier
location that provides users with immediate access to Interstate
295, which intersects with both I-95 (the major national
north-south corridor) and I-10 (the major national east-west
corridor.)
Lew Friedland, Colony NorthStar
Managing Director and head of Colony Industrial, said, "Ecommerce
and the increasing need for faster delivery are driving strong
demand for well-located, infill warehouse space. Colony Industrial
is expanding its portfolio to meet this demand for the critical
'last-mile' in the logistics chain.
Westside Industrial Park is an excellent example of the outstanding
properties Colony Industrial is acquiring around the U.S., and we
look forward to expanding our presence further in Jacksonville."
This is Colony Industrial's fourth investment in Jacksonville over the last nine months. Colony
Industrial entered the market in August
2017 with the acquisition of Creekside Distribution Center,
three industrial buildings totaling 334,930 square feet located in
Jacksonville's Northside industrial submarket. Following its
initial investment, Colony Industrial acquired one building in the
Southside submarket totaling 85,259 square feet and three buildings
in the Northside submarket
totaling 304,948 square feet, which closed November 2017 and February
2018, respectively. With the acquisition of Westside
Industrial Park, Colony Industrial now owns over 2.0 million square
feet in Jacksonville with an
overall occupancy of 99.9%.
CBRE National Partners Frank Fallon, Chris Riley and Trey
Barry acted as real estate brokers on the deal.
About Colony Industrial
Headquartered in Dallas, TX, Colony Industrial is the
industrial platform of Colony NorthStar (NYSE: CLNS), a diversified
global real estate investment firm with $43
billion of assets under management. The platform owns and
manages over 45 million square feet of warehouse buildings in 18
major markets across the United
States as of March 31, 2018.
Its diversified tenant base includes major national B2B, B2C,
wholesale and consumer businesses. For more information, visit
www.clns.com/industrial.
About Colony NorthStar
Colony NorthStar, Inc. (NYSE:CLNS) is a leading
global real estate and investment management firm. Colony
NorthStar has significant property
holdings in the healthcare, industrial and hospitality sectors,
other equity and debt investments and an embedded institutional and
retail investment management business. Colony NorthStar currently has assets under
management of $43 billion and manages
capital on behalf of its stockholders, as well as institutional and
retail investors in private funds, non-traded and traded real
estate investment trusts and registered investment companies. The
firm maintains principal offices in Los
Angeles and New York, with
more than 500 employees in offices located across 18 cities in ten
countries. Colony NorthStar will
elect to be taxed as a REIT for U.S. federal income tax purposes.
For additional information regarding Colony NorthStar and its
management and business, please refer to www.clns.com.
Contacts:
For Colony Industrial
Owen Blicksilver Public Relations, Inc.
Lisa Baker
914-725-5949
lisa@blicksilverpr.com
or
Caroline Luz
203-656-2829
caroline@blicksilverpr.com
View original
content:http://www.prnewswire.com/news-releases/colony-industrial-acquires-westside-industrial-park-in-jacksonville-florida-300627517.html
SOURCE Colony Industrial