Colony Capital has paid $1.16bn (€1.03bn) for a portfolio of 54 light and bulk industrial buildings located across 10 US markets.

The $43bn global real estate investor said its subsidiaries bought the 11.9m square feet value-add portfolio from an unnamed seller represented by CBRE National Partners.

Forty-eight of the buildings are last-mile light industrial and were acquired through Colony’s existing light industrial platform.

The remaining six buildings are bulk industrial and were acquired through a newly formed joint venture in which Colony Capital has a 51% interest and a third-party institutional investor has a 49% interest.

Lew Friedland, MD at Colony Capital and head of Colony Industrial, said: “Our industrial platform has been scaling rapidly over the past four years and this transaction is a milestone that expands our portfolio by 25% in square footage.”

Friedland said the light industrial assets will give Colony a stronger presence in both its existing markets and new target markets across the country, especially on the West Coast.

“This acquisition represents a strategic expansion by Colony’s industrial platform into the bulk industrial space which complements our strong presence in last-mile, warehouse logistics.

“Our growing national network of industrial warehouse options gives us new opportunities to serve customers and create synergies from strong existing relationships with tenants, owners, sellers and brokers.”

The light industrial assets, made up of 48 buildings,  are located across the US in Northern and Southern California, Washington state, Oregon, Nevada, Illinois and Pennsylvania. The portfolio is 73% leased.

The bulk portfolio assets, representing 4.2m square feet, are located in Oregon, Northern California, Nevada, Pennsylvania and Kentucky. The portfolio is 67% leased.