LOS ANGELES—Colony Capital is on the verge ofacquiring a 291-property industrial portfolio from CobaltCapital for approximately $1.6 billion, according topublished reports. Commercial Mortgage Alert reportedFriday that GE Capital has agreed to provide $1.2billion of the portfolio's purchase price via a floating-rate loan.Spokeswoman for GE Capital and Colony tell GlobeSt.com their firmshave no comment.

Loan terms are now being finalized, CM Alert reported,citing industry sources familiar with the matter. Colony is said tobe weighing options that include varying amounts of proceeds tiedto the degree of leverage, and reportedly is being advised byEastdil Secured on the light industrial portfolio,which encompasses 29.5 million square feet. Eastdil andCBRE are jointly brokering the sale on behalf ofIrving, TX-based Cobalt, CM Alert reported.

Most of the portfolio, which is more than 85% leased to 650tenants, is smaller properties of less than 250,000 square feeteach, in keeping with Cobalt's acquisitions strategy across itsthree industrial REITs. It spans 18 markets across the US.