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.