Colony Industrial, the industrial platform of real estate investment firm Colony Capital Inc., announced Tuesday it has acquired a Class A light industrial warehouse in North Jersey.
The 271,176-square-foot property, located at 100 Performance Drive in Mahwah, was constructed in 2018 and is currently 100 percent leased to Snow Joe.
This deal, Colony Industrial said, is the second and final tranche of closing for its Northern New Jersey Last Mile Logistics portfolio. This will bring Colony Industrial’s holding in North Jersey to 910,857 square feet.
The building is within close access to Route 17 and interstates 287 and 87.
“This acquisition marks an expansion of our portfolio in northern N.J. that began last year. We are very pleased to add another excellent building in a market with high demand for last-mile logistics space and low vacancy rates,” Lew Friedland, managing director at Colony Capital and head of Colony Industrial, said.
Brian Fiumara, Michael Hines and Brad Ruppel of CBRE National Partners acted as real estate brokers in the deal.
Financial terms were not disclosed.