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BRIDGEPORT, NJ-Cobalt Capital Partners has made another major acquisition in the South Jersey industrial marketplace, buying the 237,504-sf Pedrickton Commons here. The Dallas-based real estate private equity firm picked up the three-building complex on behalf of its Cobalt Industrial REIT.

The seller was the London-based Henderson Global Investors, which has its North American HQ in Chicago. The deal was arranged by CB Richard Ellis, with lead brokers Michael Hines, Michael Blunt and Bill Goodwin, along with Robert Fahey, Lizann McGowan and Douglas Joseph of the firm’s Investment Property Group all involved. The sale price was not disclosed, but industry sources put the number in the $12-million range.

“This is a highly functional warehouse and flex portfolio. It also has significant upside through lease-up,” Hines says, noting that the property is currently 66% occupied. Major tenants include Mitsubishi Fuso Truck of America Inc., Newton Tool and Manufacturing Co. and Tristar Fulfillment Services.

Located at 500, 510 and 520 Pedricktown Rd., the three buildings make up a self-contained business campus within the 3,000-acre Pureland Industrial Complex, said to be the largest industrial park on the East Coast. The property is situated at Exit 10 of I-295, and consists of one warehouse/distribution building and two industrial/flex buildings.

For Cobalt, the acquisition is its second major deal in the South Jersey market in just three months. As reported by GlobeSt.com, the company bought the 381,500-sf, three-building Freeway Industrial Center in nearby Blackwood in November. That property was acquired from the Bridgeport-based Pureland Group, the original developer of the Pureland Industrial Complex, for a number said to be in the $20-million range.

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