The Colony Industrial platform primarily invests in United States based light industrial properties generally defined as industrial assets ranging in size from 50,000 to 250,000 square feet.

Led by Lew Friedland alongside an experienced, senior management team that has been together for over ten years, our team combines institutional grade management with local market knowledge to effectively acquire and manage a diversified portfolio of light industrial assets. With over 35 dedicated employees with expertise and experience in acquisition, development, asset management and property management of light industrial properties, Colony Industrial has the capability to add value throughout the investment continuum.

Proven Operating Platform

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Why Light Industrial?

The institutional industrial property market in the United States is comprised of three distinct building types: (1) bulk warehouse distribution; (2) light industrial; and (3) flex/R&D. Light industrial properties account for over half of the institutional industrial investment market and leases less than 75,000 square feet account for 96% of all industrial lease transactions nationally1; demonstrating both significant liquidity and demand.

In order to be more competitive, many distributors are changing their logistics model in an effort to get their products to the end user more quickly. There is a growing focus on proximity to population centers, often termed “last-mile” warehouses. These light industrial warehouses located in strategic suburban and in-fill urban centers have become attractive real estate investments as this space becomes a key component of the overall supply chain model.

light industrial is a critical element in the distribution supply chain


Investment Opportunity

Strong Demand

Light industrial properties are the critical “last mile” and an essential part of the logistics chain for e-commerce and other tenants that require increasingly quick delivery times

Large Market

Light industrial accounts for over half of the total U.S. Industrial market1

Fragmented Industry

Fragmented ownership universe ripe for consolidation

Limited New Supply

New development is ~1% of inventory (compared to ~5% for Bulk) and is well below its peak over the past 15 years1

Outperformance vs. Bulk Sector

Rent growth from 2000 through 3Q2017 is 1.6x Bulk and vacancy rate has 1/3 less volatility1

Limited Competition

Lack of institutional pricing pressure

Higher Occupancy

Typically lower vacancies than Bulk

1) CoStar 3Q2017 Industrial data.

Colony Industrial

At a Glance

As of September 30, 2017






Square Feet


Major Markets



Management Team

Colony Industrial has developed long-standing local, regional and national relationships with industry professionals, providing the ability to source attractive investment opportunities.

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    Lewis D. Friedland

    Managing Director

    Mr. Friedland is the Managing Director of Colony Industrial and is responsible for all operations of the fund including Investments, Portfolio Management and Capital Markets. Mr. Friedland has been active in the commercial real estate investment and development business for over 30 years. Prior to joining Colony NorthStar, he was founder and Managing Partner of Cobalt Capital Partners, L.P., the fund’s predecessor entity. Prior to forming Cobalt, he was COO and CIO of American Industrial Properties, a public REIT focused on the flex property sector. Earlier in his career, Mr. Friedland founded Crimson Partners, an opportunistic real estate investment firm and was a partner at Trammell Crow Company. Mr. Friedland received a BS from The Wharton School, University of Pennsylvania and an MBA degree from Harvard University.

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    Michael P. Wenaas

    Senior Vice President

    Mr. Wenaas oversees the Investment Group for Colony Industrial, which includes acquisitions and dispositions. He has been active in the commercial real estate industry for almost 20 years. Prior to joining Colony NorthStar, Mr. Wenaas was the COO of Cobalt Capital Partners, L.P. where he was responsible for all operations including Asset Management and Investments. Mr. Wenaas joined Cobalt from Crow Holdings where he was Vice President of Asset Management and Acquisitions. While at Crow, Mr. Wenaas sourced and managed a portfolio of industrial, office and retail properties located throughout the U.S. Mr. Wenaas began his real estate career as an accountant with Trammell Crow Company in the industrial development group. He received a Bachelor of Business Administration degree from the University of Oklahoma.

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    Bryan D. Morland

    Senior Vice President

    Portfolio Management

    Mr. Morland has been active in commercial real estate investment, finance, accounting and consulting for over twenty years. Mr. Morland is Senior Vice President of Colony Industrial and is responsible for all Portfolio Management including Asset Management and Property Management. Prior to joining Colony NorthStar, Mr. Morland was Managing Director of Cobalt Capital Partners, L.P. overseeing property operations. Previously Mr. Morland was CFO and Asset Director for Bumgarner Asset Management a family office investment fund located in Tulsa, Oklahoma. Earlier in his career, Mr. Morland was Assistant Vice President of American Industrial Properties, a public REIT focused on the flex property sector. Mr. Morland also spent a combined six years in public accounting with both Ernst & Young and Deloitte Consulting and obtained the certification of Certified Public Accountant. Mr. Morland received a BSBA in Accounting and a BSAS in Sociology, both from Oklahoma State University.

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    David B. Broome

    Senior Vice President

    Mr. Broome serves as Senior Vice President of Investments for Colony Industrial and is responsible for the sourcing, underwriting and execution of industrial investments nationally. He has over twenty years of commercial real estate experience including valuation, acquisitions, dispositions and brokerage. Mr. Broome joined Colony NorthStar from Cobalt Capital Partners, L.P. where he was a member of the management team and Director of Investments for nearly ten years. Prior to joining Cobalt he worked in the Capital Markets Group at Cushman & Wakefield where he closed real estate transactions valued at more than $500 million. Mr. Broome previously worked at L&B Realty Advisors where he was responsible for sourcing and closing industrial, office and retail acquisitions for a variety of pension fund clients and he began his career as a commercial real estate appraiser for Alliance Advisory Group. He received a Bachelor of Business Administration degree from the University of North Texas, is a licensed real estate salesperson and a Certified Commercial Investment Member (CCIM).

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    Andrew C. Goodman

    Senior Vice President

    Chief Financial Officer

    Mr. Goodman is the Chief Financial Officer of Colony Industrial and is responsible for the overall financial management of the platform as well as assisting with fundraising and investor relations. Prior to his CFO role for Colony Industrial, Mr. Goodman spent five years in Colony NorthStar’s New York office where he was responsible for the identification, evaluation, consummation and management of new investments including Colony Industrial. Prior to joining Colony NorthStar in 2011, Mr. Goodman was a Vice President at Shorenstein Properties LLC where he focused on debt and equity investments in office assets located in major markets on the East Coast.  Prior to Shorenstein, Mr. Goodman was an analyst in the Real Estate Investment Banking group at Deutsche Bank. Mr. Goodman received a B.S. from Cornell University.