ATLANTA—As part of a $1.475 billion deal, Boston-based Cabot Properties sold a 1.46 million-square-foot Southeast industrial portfolio to Liberty Property Trust. CBRE advised Cabot on the sale of the Cabot Industrial Fund III, which included a six-building class A industrial portfolio with buildings in South Florida and Atlanta.

Christian Lee and Chris Riley, both vice chairmen within CBRE Investment Properties, represented the seller. Charles Foschini, vice chairman of CBRE Debt & Equity Finance, along with Tom O'Loughlin and Devin White, both vice presidents within CBRE's Industrial Brokerage division, and José Lobón, an associate in CBRE's Capital Markets Institutional Group, assisted in the deal.

“The South Florida market for core industrial offerings is extremely liquid,” says Lee. “In this case, the purchaser took on a 136,970-square-foot vacancy in the Medley building assured by Miami's robust industrial absorption, which totaled 8.1 million square feet over the last 33 months.”

The entire Cabot portfolio measured 23 million square feet across 177 buildings. The Southeast portion of the industrial portfolio included three buildings measuring 664,070 square feet in South Florida and three buildings measuring 791,595 square feet in Atlanta.

The three South Florida industrial properties feature contemporary design specifications such as 24-foot to 32-foot clear span heights and 118-foot to 135-foot truck court depths. Two of the industrial buildings are located next to Interstate 75 in Weston Business Center, Broward County's premier corporate park. The third is located in Medley, FL, at the intersection of the Florida Turnpike and Okeechobee Road.