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BURLINGTON COUNTY, NJ–Dallas-based Cobalt Capital Partners LP has partnered with USAA Real Estate Co. to acquire a 40,000-sf light industrial building at 109 Connecticut Dr. here. The property, which is located in the Crossroads Business Park, is fully leased to Safety-Kleen Systems. Exact terms of the sale, including the purchase price, were not disclosed.

“The 109 Connecticut property is a well-located, high-quality industrial building and complements our existing Philadelphia/Southern New Jersey portfolio,” says Lewis D. Friedland, Cobalt’s managing partner. With this purchase, the private equity firm now has more than one million sf of mainly industrial space throughout the region. The firm invests in light industrial and suburban office properties nationally. “We were attracted to the location and quality of the building and the quality of the tenant,” he continues.

This acquisition continues Cobalt’s goal to invest in properties in the Philadelphia/South Jersey area. Last September, the partnership made its first purchase, acquiring a total of 15 office/warehouse buildings within the two-million-sf Mid-Atlantic Corporate Center in West Deptford, NJ. The buildings, which total just under 931,200 sf of space, range in size from 20,000 to 180,000 sf.

Safety-Kleen is a Plano, TX-headquartered company that provides parts, washers, environmental services and industrial waste management systems. It has more than 250 collection and processing facilities throughout North America, including three locations in New Jersey at Burlington County, South Plainfield and Vincentown, according to the company’s website.

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