Cabot Takes Industrial Portfolio from TIAA-CREF
- Dec 10, 2008
Cabot Properties has purchased a 788,000-square-foot industrial portfolio, comprising assets in Chicago and Baltimore, from TIAA-CREF. The portfolio consists of one 111,191-square-foot property in Baltimore and eleven properties in Chicago totaling 676,898 square feet. TIAA-CREF was represented by CB Richard Ellis Inc. “Contrary to popular opinion, the capital markets are open for business,” CBRE vice chairman Jack Fraker, one of those representing TIAA-CREF, said in a prepared statement. “We had strong interest in this deal, represented by over 10 competitive offers in the first round. Both buyer and seller should be commended for staying the course during due diligence when virtually every day, there was a negative headline about the U.S. economy, the stock market and major corporate takeovers or failures.” Cabot has invested more than $4.5 billion since 1986 and is the sponsor of the recently closed Cabot Industrial Value Fund III, which acquires and develops industrial property in major metropolitan markets throughout North America and Europe.