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Colony NorthStar has entered the East Bay industrial market with an acquisition in San Leandro. Through its industrial platform, Colony Industrial, the company purchased two Class-A light industrial buildings totaling 587K SF at 2380-2388 Williams St. and 1717 Doolittle Drive. Financial terms of the transaction were not disclosed.
“San Francisco/Oakland is a terrific, high demand and low vacancy market,” Colony North Star Managing Director and Colony Industrial head Lew Friedland said in a statement. “The properties fit perfectly with our strategy of occupying the last-mile in the logistics chain for e-commerce retailers, distributors and manufacturing companies that require ever-faster delivery to their B2B, wholesale and retail customers.”
The portfolio is fully leased to five tenants with a weighted average lease term remaining of five years.
CBRE Vice Chairman and Managing Director Darla Longo, Vice Chairman Barbara Perrier, Senior Vice President Rebecca Perlmutter Finkel and Vice President Michael Kendall brokered the transaction.
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