Colony Industrial has closed on the sale of a light industrial portfolio to Nuveen Real Estate, a division of TIAA, for $136 million.
Colony Industrial is the industrial platform of Colony Capital, a global real estate investment firm with $44 billion of assets under management.
The warehouse portfolio totals 2.3 million square feet and is situated in four markets including 18 buildings in Atlanta, five buildings in Dallas, five buildings in Houston and six buildings in New Jersey and Pennsylvania.
“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.
“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.”
Colony Industrial was represented in the sale by CBRE National Partners.