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Colony Industrial announced today that it has acquired Enterprise Industrial Park in San Antonio, TX for $52.1 million. Colony Industrial is the industrial platform of Colony NorthStar (NYSE: CLNS), a diversified global real estate investment firm with $43 billion of assets under management.
Enterprise Industrial Park, located at 17745 Lookout Road, is a two building, Class A light industrial complex totaling 639,797 square feet. The buildings are currently 88% leased to nine high-quality tenants with a weighted average lease term remaining of 5.3 years. The property is conveniently located within one mile of a full-diamond interchange of Interstate 35, the city’s major North-South interstate highway.
Lew Friedland, Managing Director at Colony NorthStar and head of Colony Industrial, said, “We are excited to enter the growing San Antonio market with Enterprise Industrial Park, Colony Industrial’s first acquisition in this market. Ecommerce and the increasing need for fast delivery are driving strong demand for well-located, infill warehouse space that occupies the critical “last-mile” link in the logistics chain. We look forward to expanding our presence in San Antonio.”
Randy Baird, Jonathan Bryan, and Ryan Thornton from CBRE National Partners acted as real estate brokers on the deal.