NEW YORK CITY—No stranger to the industrial sector, private equity real estate firm DRA Advisors has bulked up its holdings by acquiring a 184-property portfolio from Cabot Properties Inc. The $1.07-billion buy expands DRA's industrial footprint by 19.8 million square feet, and completes the profitable disposition of assets held by Cabot's Industrial Value Fund II, launched in 2005.
“We are enthusiastic about the investment potential of this portfolio and the ability to extend our national industrial footprint to over 45 million square feet,” says David Luski, president of New York City-based DRA. In 2012, the firm acquired about 21 million square feet in two separate portfolio deals: a $342-million acquisition from Weingarten Realty Partners and, at year's end, a joint venture with Westcore Properties to buy 110 industrial assets from JB Properties for $600 million.
The portfolio DRA has bought from Cabot runs to 21 markets throughout the US, including the major industrial hubs of Dallas, Chicago, Columbus, Houston and Atlanta. Occupancy averages 94%, and the portfolio is leased to more than 500 tenants,
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
