The seller is Jenkintown, PA-based Pitcairn Properties. The price of the sale is undisclosed. According to data from the Philadelphia office of Colliers Lanard & Axilbund, in 2003, the average selling price for suburban Philadelphia industrial properties was about $41.50 per sf.
"The 1900 Frost property is a well-located, multi-tenanted, light industrial building that complements our existing Philadelphia/Southern New Jersey portfolio," says Lewis D. Friedland, Cobalt's managing partner. Cobalt invests in light industrial and suburban office properties nationwide.
USAA Real Estate has approximately $3 billion in assets under management and provides acquisition, build-to-suit, and development services for corporate and institutional investors. Its portfolio encompasses office, industrial and hotel properties as well as investments in real estate operating companies.
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