Santa Monica, California-based Colony Capital LLC is buying a 291-building industrial portfolio from Irving, Texas-based Cobalt Capital Partners according to several reports this week. Commercial Mortgage Alert reported Friday that GE Capital has agreed to provide $1.2 billion of the portfolio’s purchase price via a floating-rate loan for the 291-property industrial portfolio. The terms of the loan are now being finalized, with Colony weighing a menu of options from GE that include varying amounts of proceeds tied to the degree of leverage, according to people familiar with the process.
Colony has agreed to pay about $1.6 billion for the 29.5 million-square-foot portfolio, which contains mostly light-industrial buildings of less than 250,000 sf in 18 markets across the U.S. The 291 buildings are 85% leased by more than 650 tenants. Eastdil and CBRE are jointly brokering the sale on behalf of Cobalt, CM Alert reported. CoStar reported last week that Colony, which is about to see a merger of two affiliated entities, beat out such would-be buyers as the Abu Dhabi Investment Authority, the Blackstone Group and TPG. Blackstone is itself preparing to sell its IndCor Properties industrial platform, Bloomberg reported last week.
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