A rendering of 100 Performance Drive in Mahwah, a now-completed, 271,176-square-foot distribution center that is fully leased to Snow Joe. — File photo
By Joshua Burd
Colony Capital Inc. has closed on its acquisition of a newly built, 271,176-square-foot distribution center in Mahwah, completing an 11-building portfolio sale that began last spring.
The real estate investment trust on Tuesday announced its purchase of 100 Performance Drive, one of two recently closed transactions by its Colony Industrial platform. Located directly off Route 17, the property sits near the state’s northern border with New York and is fully leased to Snow Joe, a lawn and garden tools company.
“This acquisition marks an expansion of our portfolio in Northern (New Jersey) that began last year,” said Lew Friedland, managing director at Colony Capital and head of Colony Industrial. “We are very pleased to add another excellent building in a market with high demand for last-mile logistics space and low vacancy rates.”
Colony did not disclose the sale price or identify the seller, but the property was built and delivered last year by Sitex Group, an Englewood-bases firm, following the redevelopment of the former Sharp Electronics North American headquarters. The developer acquired the site in 2015 and subsequently inked the long-term lease with Snow Joe, which manufactures ecofriendly and affordable lawn and garden tools along with battery-powered snow blowers and snow throwers.
The deal comes eight months after Colony made its entrance to northern New Jersey with the acquisition of 10 light industrial buildings totaling nearly 640,000 square feet. Sitex was also the seller in the earlier deal, which included properties in Bergen, Passaic, Essex and Union counties.
In a news release Tuesday, Colony described the Mahwah acquisition as the second and final tranche of closing for its Northern New Jersey Last Mile Logistics Portfolio. Its holdings in northern New Jersey now total 910,857 square feet.
CBRE National Partners’ Brian Fiumara, Michael Hines and Brad Ruppel brokered the Mahwah deal.
The Mahwah building offers quick access to interstates 287 and 87.
