Chicago-based Wrightwood Capital, which primarily provides bridge, construction and mezzanine loans to commercial borrowers but also raises industry-focused investment funds, has sold a $46 million (€36 million) industrial portfolio to Colony Realty Partners, a private equity fund launched by opportunistic investor Colony Capital last year.
The portfolio consisted of seven industrial buildings located throughout the Chicago area, with a total size of more than 500,000 square feet. The properties are occupied by clients such as Honeywell, Trustmark and Federal Express.
Boston-based Colony Realty closed its first fund, which focuses on small deals in the US office, industrial and multi-family sector, on $512 million earlier this year. While Los Angeles-based Colony Capital makes opportunistic investments in the international arena, Colony Realty was formed to acquire stabilized and value-add investments in the more stable US market.
In October 2005, Colony Capital founder Tom Barrack told Fortune his Los Angeles-based firm would no longer target the US market for opportunistic deals. “There’s too much money chasing too few good deals, with too much debt and too few brains,” he said.
Wrightwood, closed its third industrial real estate fund on $50 million in February. That fund will acquire between $150 million and $200 million of industrial properties in the Chicago and Milwaukee, Wisconsin areas. It will focus on buildings under $10 million leased to middle-market tenants, and will also consider development joint ventures and sale/leaseback strategies.
Colony Capital closed its latest opportunity fund last October on $1.2 billion.
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