DALLAS, April 17, 2018 /PRNewswire/ -- Colony Industrial announced today that it has acquired a two-building East Bay industrial portfolio in San Leandro, CA. 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. Financial terms of the transaction were not disclosed.
Colony Industrial has made its first investment in the Oakland/East Bay area with two Class A light industrial buildings totaling 587,051 square feet, located at 2380-2388 Williams Street and 1717 Doolittle Drive in San Leandro. This unique portfolio is fully leased to five high-quality tenants with a weighted average lease term remaining of 5 years. San Leandro is located on the eastern shore of San Francisco Bay, south of Oakland, just two miles from Oakland International Airport and 10 miles from the Port of Oakland.
"San Francisco/Oakland is a terrific, high demand and low vacancy market," said Lew Friedland, Colony NorthStar Managing Director and head of Colony Industrial. "The East Bay industrial portfolio is ideally situated near San Francisco and Silicon Valley businesses, highways, airports and the port. The properties fit perfectly with our strategy of occupying the "last-mile" in the logistics chain for ecommerce retailers, distributors and manufacturing companies that require ever-faster delivery to their B2B, wholesale and retail customers. We look forward to further expansion in the San Francisco Bay area."
CBRE National Partners Darla Longo, Barbara Perrier, Rebecca Perlmutter Finkel, and Michael Kendall acted as real estate brokers on the transaction.
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 approximately 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.
SOURCE Colony Industrial