{"id":1004217837,"date":"2018-04-09T05:51:50","date_gmt":"2018-04-09T13:51:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004217837"},"modified":"2022-12-07T23:15:22","modified_gmt":"2022-12-08T07:15:22","slug":"colony-industrial-nabs-52m-san-antonio-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/colony-industrial-nabs-52m-san-antonio-asset\/","title":{"rendered":"Colony Industrial Nabs $52M San Antonio Asset"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/p>\n

\"\"<\/a>

Enterprise Industrial Park, San Antonio, Texas<\/p><\/div>\n

Colony Industrial, the\u00a0industrial platform of global real estate firm Colony NorthStar, has acquired Enterprise Industrial Park, a two building, Class A light industrial complex in San Antonio, Texas, for $52.1 million.<\/p>\n

\u201cSan Antonio has been on our radar as a target market due to population growth, job growth, demographics<\/a> and the lack of good quality, light industrial product, which is our focus,\u201d<\/em> Michael P. Wenaas, Colony Industrial\u2019s managing director and Head of Investments, told Commercial Property Executive<\/em>. \u201cWe generally target smaller properties that are well-located, multi-tenanted, and high quality\u2026this project checked a lot of boxes for us.\u201d<\/em><\/p>\n

Located at 17745 Lookout Road, the duo of buildings total 639,797 square feet and serve as the home of a roster of nine high-quality tenants with a weighted average lease term remaining of 5.3 years. At the time of the deal, the property was 88 percent leased.<\/p>\n

Some 80,000 square feet is still available, and that space can be divided into two 40,000 square-foot spaces, which many prospective tenants look for in an asset. The site already has several prospects for the remaining space.<\/p>\n

\u201cSan Antonio is somewhat underserved with light industrial product,\u201d<\/em> Wenaas said. \u201cThe way e-commerce is growing, we believe there is a lack of product to serve San Antonio\u2019s population base. Most of the population growth in San Antonio is in the North and Northeast submarkets and these two buildings will serve those markets. This fits right in the middle of the growth curve of San Antonio.\u201d<\/em><\/p>\n

Originally constructed in 2015, Enterprise Industrial Park is situated within one mile of a full-diamond interchange of Interstate 35, the city\u2019s major North-South interstate highway.<\/p>\n

Expanding its Footprint<\/strong><\/h2>\n

Andrew C. Goodman, Colony Industrial\u2019s CFO, concurred that the company was excited to expand its portfolio of light industrial warehouse properties in this new high-growth market.<\/p>\n

\u201cWe seek assets that are well located, close to major metros,\u201d <\/em>he told CPE<\/em>. \u201cThe markets that we are in are targeted markets with strong fundamentals\u2014population growth, limited supply and strong demographics.\u201d<\/em><\/p>\n

CBRE\u2019s Randy Baird, Jonathan Bryan, and Ryan Thornton brokered the deal.<\/p>\n

It\u2019s been a busy month in the industrial sector. CT Realty recently sold four\u00a0industrial buildings in Southern California<\/a>\u00a0for $31 million; BLT Enterprises\u00a0acquired an industrial facility<\/a> in San Diego\u2019s submarket of Carlsbad, Calif., for $38.3 million; and AIV Inc.\u2014a subsidiary of STAG Industrial Inc.\u2014has acquired Brookhollow West Business Park, two fully leased, Class A\u00a0industrial buildings<\/a> in northwest Houston, totaling 232,950 square feet.<\/p>\n

Image courtesy of Colony Industrial<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The industrial platform of global real estate firm Colony NorthStar has purchased Enterprise Industrial Park, marking its first-ever deal in the market.<\/p>\n","protected":false},"author":451,"featured_media":1004217840,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,21742,1607],"tags":[32789,33430],"class_list":["post-1004217837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-latest","category-san-antonio","tag-cbre","tag-colony-northstar"],"acf":[],"yoast_head":"\nColony Industrial Nabs $52M San Antonio Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/colony-industrial-nabs-52m-san-antonio-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Colony Industrial Nabs $52M San Antonio Asset\" \/>\n<meta property=\"og:description\" content=\"The industrial platform of global real estate firm Colony NorthStar has purchased Enterprise Industrial Park, marking its first-ever deal in the market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/colony-industrial-nabs-52m-san-antonio-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-09T13:51:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T07:15:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Enteprise-Industrial-park-San-antonio.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2100\" \/>\n\t<meta property=\"og:image:height\" content=\"1400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/colony-industrial-nabs-52m-san-antonio-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/colony-industrial-nabs-52m-san-antonio-asset\/\",\"name\":\"Colony Industrial Nabs $52M San Antonio Asset - 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