(To read more on the industrial market, click here.)
DALLAS-Cobalt Capital Partners has closed a $227-million equityfund seeded by its long-time partner and lead sponsor, USAA RealEstate Co. In all, seven institutional investors have taken a stakein the Cobalt Industrial REIT, a fixed fund designed to acquire$700 million of market-value, US-only properties in coremarkets.
The REIT has been launched with a six-million-sf portfolio ofmulti-tenant properties, valued at $250 million, in Atlanta,Austin, Chicago, Dallas, Houston, Southern New Jersey, Philadelphiaand Tampa. Lewis D. Friedland, managing partner of the Irving-basedCobalt Capital Partners, estimates about 40% of the equity has beenused to date, paired with debt from various lenders and, in somecases, loan assumptions for the portfolio-building push.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
