Five development projects underway totaling 1.5 million square feet
DALLAS–(BUSINESS WIRE)–Colony Industrial announced today that it has acquired just over 21
acres of land in northeast Dallas, TX, in partnership with developer
Huntington Industrial Partners. The transaction closed on January 23,
2019. Colony Industrial plans to develop two light industrial buildings
totaling 355,071 square feet on adjacent parcels located at 3150 and
2850 Marquis Drive. Colony Industrial is the industrial platform of
Colony Capital, Inc. (NYSE: CLNY), a diversified global real estate
investment firm with $44 billion of assets under management.
Construction is slated to begin in April and to be completed in late
2019. The development will provide modern light industrial product in
the heart of the Garland, TX industrial submarket. The property will
offer dock high industrial space with 32-foot clear heights, cross dock
configurations and ample on-site trailer storage. The site is
conveniently located with immediate proximity to I-635 via Miller Road
and is close to downtown Dallas. A deep labor pool in the City of
Garland is another advantage for tenants.
“The Marquis development in Garland is ideally designed for ecommerce
distribution and customers requiring space for last-mile delivery,” said
Lew Friedland, Managing Director at Colony Capital and head of Colony
Industrial. “It’s an excellent example of the properties we have under
development that will add to our growing portfolio of infill warehouses
in major markets around the US.”
Other Development Projects
Including the Marquis Development in Garland, Colony Industrial has five
projects under construction nationwide with various partners, which will
add more than 1.5 million square feet to its US portfolio. These include:
8.3 acres at 9749 Clifford, Dallas, TX for a 110,000 square foot
industrial warehouse building, targeted to break ground in the second
quarter of 2019.
9.38 acres at International Tradeport 1, Jacksonville, FL for a
200,000 square foot light industrial warehouse building, targeted for
completion in the first quarter of 2019.
7.72 acres at International Tradeport 5, Jacksonville, FL for a 93,600
square foot light industrial warehouse building, targeted for
completion in the second quarter of 2019.
40.1 acres at N. Las Vegas Blvd. & N. Lamb Blvd., Las Vegas, NV for a
752,107 square foot, three-building complex of light industrial
warehouse buildings, targeted for completion in the third quarter of
Added Mr. Friedland, “We have little to no vacant space available in
many of our markets. Developing these new projects will provide
expansion space for our existing customers as well as enable us to take
advantage of the favorable supply/demand balances in these locations.”
Josh McArtor and Caitlin Clinton of Eastdil Secured acted as real estate
brokers on the latest Marquis Drive/Dallas transaction.
About Colony Industrial
Headquartered in Dallas, TX, Colony Industrial is the industrial
platform of Colony Capital, Inc. The platform owns and operates 49
million square feet of warehouse buildings in 20 major markets across
the United States, with a gross asset value of more than $3.7 billion as
of December 31, 2018. Its diversified tenant base includes major
national B2B, B2C, wholesale and consumer businesses. For more
information, visit www.clny.com/industrial.
About Colony Capital, Inc.
Colony Capital, Inc. (NYSE: CLNY) is a leading global investment
management firm with assets under management of $44 billion. The Company
manages capital on behalf of its stockholders, as well as institutional
and retail investors in private funds, non-traded and traded real estate
investment trusts and registered investment companies. The Company has
significant holdings in: (a) the healthcare, industrial and hospitality
property sectors; (b) Colony Credit Real Estate, Inc. (NYSE: CLNC) and
NorthStar Realty Europe Corp. (NYSE: NRE), which are both externally
managed by subsidiaries of the Company; and (c) various other equity and
debt investments. The Company is headquartered in Los Angeles with key
offices in New York, Paris and London, and has over 400 employees across
17 locations in ten countries. For additional information regarding the
Company and its management and business, please refer to www.clny.com.
About Huntington Industrial Partners
Huntington Industrial Partners is a multi-regional industrial real
estate operating company with a strategic focus on acquiring and
developing infill industrial properties in select U.S. markets.
Huntington has offices in Atlanta, Dallas, Denver and Northern
California that are staffed by local teams with extensive industrial
experience, local market knowledge, and established networks of market