[IMGCAP(1)]DALLAS-In a one-month closing spree, Cobalt Industrial REIT II has planted $50 million into acquiring one-million sf in five major metros. The assets, bought from broad mix of sellers, average 95% occupancy in below-market rent scenarios with mostly national and international tenants.

“It’s been the most active month that we’ve had in terms of transactions,” says Lewis D. Friedland, managing partner of Dallas-based Cobalt Capital Partners LP. “We anticipate the rest of the year will be fairly active in this deal size.” The REIT’s sweet spot is 100,000 sf and an average payout of $8.5 million per deed.

Friedland says the deals constituted marketed and off-market transactions with sellers that included Boston-based TA Associates Inc., Wilton, CT-based CommonFund Realty and Bandera Ventures Ltd. of Dallas in addition to one large public industrial REIT and one international company. GlobeSt.com did come across two sales this month: 1135 W. Trinity Mills Rd., 2425 Carter Dr. and 1011 Royal Lane. He tells GlobeSt.com that the buying round also bagged the 278,300-sf Trane distribution center in St. Louis; 199,300-sf GE Northwest Atlanta center in Atlanta; 96,000-sf Aspen distribution center in Minneapolis; and a 78,787-sf building at 1550 Evans St. in Denver.

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