Cobalt Sells 1.4 MSF Dallas Industrial Portfolio
- Jul 30, 2013
Cobalt Capital Partners, L.P., advisor to Cobalt Industrial REIT, has sold a 14-building, 1.4 million-square-foot industrial portfolio in Dallas, Texas to a Greenfield Partners investment fund.
HFF represented the seller in the transaction. The price of the transaction was not disclosed.
At the time of the sale, the portfolio was 96 percent leased to 28 tenants with an average remaining lease term of six years. Cobalt had purchased the buildings in separate transactions between 2003 an 2007.
“This portfolio of assets was well-leased to a group of financially strong tenants, which made it attractive to market the buildings for sale,” Lewis Friedland, Cobalt’s managing partner, said in a company release. “Our asset management and property management teams did a great job of creating value through leasing activity and tenant retention, which maximized the value for our investors.”
Cobalt Capital Partners entities own more than 29 million square feet of light industrial space in 17 major metropolitan markets.
HFF’s Randy Baird, Jud Clements and Robby Rieke represented Cobalt in the transaction.