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The first locations will open in the tri-state area.
The joint venture will develop middle-income housing in California over the next 18 to 24 months.
The 149 distribution building portfolio spans 12 major industrial US markets.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo signed the lease with office owner SL Green Realty Corp.
Cushman & Wakefield arranged $106 million in acquisition financing through Starwood Property Trust.
ViacomCBS is leasing back the space on a short term basis.
"I'm hoping for the foreseeable future it will continue on that uphill tick. That's what everybody's hope is," said Colliers' Jenny Gefen.
The move accelerates the company's asset-light transformation.
Limestone asset management closes in on 27 locations throughout the US.
In July and August, the firm purchased three properties totaling $115 million purchased with cash-on-hand.