The industrial platform of the listed real estate firm Colony NorthStar has acquired Westside Industrial Park in the US for $77.5m.
Colony Industrial bought the portfolio, which consists of four light industrial buildings totalling 1.3m sqft in Jacksonville, Florida, from an undisclosed vendor.
The buildings are currently 99.8% leased to nine high-quality tenants.
Lew Friedland, Colony NorthStar’s managing director and head of Colony Industrial, said: “E-commerce and the increasing need for faster delivery are driving strong demand for well-located, infill warehouse space.
“Colony Industrial is expanding its portfolio to meet this demand for the critical “last-mile” in the logistics chain.”
Friedland added that Colony Industrial looks forward to expanding its presence further in Jacksonville.
This is Colony Industrial’s fourth investment in Jacksonville over the last nine months.
Colony Industrial entered the market in August 2017 with the acquisition of Creekside Distribution Center.