The firm bought the property from an institutional seller. While no price tag was attached to the deal, similar properties in the metro area generally trade in the low $20s per sf.

"We think this is a good time in the cycle to buy this type of property," explains Lewis Friedland, Cobalt's managing partner. The firm focuses on acquiring light industrial sites, ranging from 50,000 sf to 250,000 sf, and has a few more properties in the metro area under contract, he adds.

The property is 100% occupied and the largest tenant is Athens Paper. According to statistics provided by CB Richard Ellis in its Market View Atlanta Industrial, the Fulton Industrial corridor has a total inventory of approximately 81,700,000 sf with a 19 % vacancy rate. The average asking rent in the corridor is $3.40 per sf.

"The acquisition represents Cobalt's initial investment in the 500-million-sf-plus Atlanta industrial market," Friedland adds. "We will continue to expand in Atlanta and other major industrial markets through the acquisition of similar properties that provide an opportunity to create value by applying our proactive asset management strategies."