Thursday, July 27, 2017

Colony NorthStar Picks Up $201 Million Warehouse Portfolio Along I-95 Corridor

Colony Northstar  has finalized a deal to acquire $201 million worth of industrial real estate along the I-95 corridor between Maryland and Delaware from fellow institutional investor TA Realty.

The Los Angeles-based Colony Northstar paid nearly $72 per square foot for the portfolio, which totals 2.8 million square feet over 20 properties with the highest concentration located in the Baltimore MSA.

The Mid-Atlantic portfolio, which includes the seven-building DeSoto Business Park in Baltimore, is 94% leased to 64 tenants headlined by McCormick & Co., Price Modern, Sardo & Sons Warehousing, Gourmet Bakery, MXD Group and Capitol Express. The remaining assets total 434,969 square feet and are located in Newark, DE and Aston, PA.

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