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Cobalt Buys Four-Building Portfolio for $15M

CHICAGO-First Industrial Realty Trust Inc. has sold a 355,000-sf industrial portfolio, with buildings located in the Illinois cities of West Chicago and Carol Stream.

By Gina Kenny | Updated on April 15, 2008

CHICAGO-First Industrial Realty Trust Inc., based here, has sold a four-building industrial portfolio to Cobalt Capital Partners, based in Dallas. The four buildings have a total of 355,000 sf and are located at 385 Fenton Lane, West Chicago, IL; 905 Paramount Pkwy., Batavia, IL; 1005 Paramount Pkwy., Batavia, IL; and 305 E. North Ave., Carol Stream, IL.

Converse Capital LLC, based in Lake Forest, IL, facilitated the sale. The sales price for the portfolio was $15 million, sources say.

Cobalt already has a presence in Chicago. They are just looking to grow their Chicago presence,” says Patrick Sullivan, a partner with Converse. “These fit well with some assets they already own in the Fox Valley corridor.” The majority of the buildings in the portfolio are multi-tenant buildings, with the facility in Carol Stream being the only single-tenant building, Sullivan tells GlobeSt.com.

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