Cobalt Capital Partners Announce the Sale of its Industrial Portfolio and Operating Platform to Colony Financial Inc. for $1.6 Billion
IRVING, Texas, Jan. 6, 2015 /PRNewswire/ -- Cobalt Capital Partners announced that it has sold its highly diversified portfolio of 256 primarily light industrial assets for approximately $1.6 billion to Colony Financial Inc. The portfolio is leased to over 600 tenants and comprises over 30 million square feet across 16 major U.S. markets, with significant concentrations in Atlanta, Dallas and Chicago. Cobalt's management team, led by Lewis D. Friedland, has joined Colony to run the day-to-day operations of the business, including investments, asset and property management.
Friedland, former Managing Partner of Cobalt Capital Partners, said, "We're pleased to have executed this sale on behalf of our investor partners, including our long-time partner USAA Real Estate Company. Our entire team has done an excellent job over the last ten years building this business into a leader in the industrial sector. We're excited to be joining Colony, one of the real estate industry's premier companies, and look forward to continuing to grow our portfolio."
Len O'Donnell, CEO of USAA Real Estate Company said, "We are extremely pleased with this transaction as it represents an outstanding outcome for the investors. We are also very proud to have worked with Lew and his team in building the Cobalt platform over the last ten years. They have been great partners and they will be missed, but I know they will continue to be successful with Colony."
Cobalt was represented in the transaction by an Eastdil Secured team led by Steve Silk and Jay Borzi, the CBRE National Partners team led by Jack Fraker and Chris Riley, and Gannon Gerrity Advisors, led by Kristin Gannon and Kevin Gerrity. Locke Lord served as Cobalt's legal advisor.
Contact: Lewis D. Friedland, 972-893-7000
SOURCE Cobalt Capital Partners/USAA Real Estate Company
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