March 30, 2009
Cobalt Capital Partners Acquires 444,559 Square Foot Chicago/Minneapolis Industrial Portfolio
Irving, TX - Cobalt Capital Partners, L.P., through its Cobalt Industrial REIT II affiliate, has acquired a 444,559 square foot, five building portfolio in Chicago, IL and Minneapolis, MN.
The portfolio is comprised of five light industrial buildings built between 1980 and 2005 and is 100% leased to 12 tenants. Three of the buildings are in Chicago’s west suburbs, two in Naperville and one in Glendale Heights and a fourth in the southwest suburb of Bolingbrook. Also included in the portfolio is one building located in the Minneapolis suburb of New Hope.
“The acquisition of this portfolio expands our presence in the Chicago market to over 4 million square feet and increases our presence in the Minneapolis market to over 1.2 million square feet. Both are markets in which we hope to significantly expand our presence.” said Lewis D. Friedland, Cobalt’s Managing Partner. “These buildings enhance our existing portfolio in both markets and provide a diverse mix of national, regional and local tenants. The variety of suite sizes and configurations also has the flexibility to accommodate a range of different users.”
The team of Jeff Kahan, Steve Disse and Jeff Devine with Colliers Bennett & Kahnweiler represented the seller on the Chicago portion of the portfolio and Senior Vice President Jim Leary with CBRE represented the seller on the Minneapolis building.
About Cobalt Capital Partners
Cobalt Capital Partners, a Dallas-based private equity firm, acquires, manages and develops light industrial properties in major metropolitan markets throughout the United States. Cobalt Industrial REIT II is a private REIT advised by Cobalt Capital Partners. Across its national platform, Cobalt Capital Partners entities own over 24 million square feet of light industrial space.
For more information on Cobalt Capital Partners or to submit an investment for review, please visit our website www.cobaltcapitalpartners.com or contact:
Lewis D. Friedland
Managing Partner
Cobalt Capital Partners, L.P.
5605 N. MacArthur Blvd.,
Suite 350
Irving, TX 75038
Tel: (972) 893-7000 Facsimile: (972) 893-7001
E-mail: lew.friedland@cobaltcapitalpartners.com
www.cobaltcapitalpartners.com