"The acquisition of Mid-Atlantic is our first investment in the Philadelphia/South Jersey metro area," explains Lewis D. Friedland, managing partner of the Dallas-based Cobalt Capital Partners, a private equity firm that has been an active buyer of light industrial and other commercial properties nationally. While declining to elaborate, Friedland tells GlobeSt.com that, "it is a market in which we hope to significantly expand our presence in the future.

"This portfolio fits within the property criteria we are currently targeting," he continues. "It is located in one of southern New Jersey's strongest industrial corridors, and it contains a diverse group of national regional and local tenants. It also contains a variety of building sizes and configurations that allows for future leasing flexibility."

The 15 buildings are currently 93% leased, according to Friedland. Key tenants include Federal Express, Alcoa and Menlo Worldwide, an international logistics company.

The San Antonio, TX-based USAA Real Estate Co., meanwhile, is part of the USAA insurance and financial services organization. USAA Real Estate, whose portfolio consists of office, industrial and hotel properties and investments in real estate operating companies, is currently managing a portfolio of approximately $3 billion in assets.