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Colony Capital unit enters JV for 30-building NJ industrial portfolio

Colony Capital Inc., through its Colony Industrial platform, paid an undisclosed amount for a more than 1.3 million-square-foot industrial portfolio in northern New Jersey, NJBIZ reported.

The 30-building acquisition sits on almost 83 acres of land and includes 41 Slater Dr. in Elmwood Park, 700 Blair Rd. in Carteret and 231-232 Main St. in Little Falls. Colony Industrial also acquired three development sites totaling 46 acres in Carteret and West Caldwell.

The portfolio is 99% leased to multiple tenants, the report added, citing CBRE, which negotiated the joint venture deal on behalf of Hampshire Real Estate Cos.