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Cobalt REIT II Pockets Sale-Leaseback

FORT WORTH-Cobalt steps in with an all-cash offer for a 150,600-sf office/warehouse in Carter Industrial Park, benching two buyers ready to pick up the play from a cratered contract.

By Connie Gore | Updated on August 13, 2008

FORT WORTH-Bagging another win for its portfolio, Cobalt Industrial REIT II has picked up a 150,600-sf office/warehouse in Carter Industrial Park in a sale-leaseback with Miramar Designs Ltd. The four-year-old build-to-suit design is comparable to assets fetching $45 per sf to $50 per sf at closing tables.

Miramar’s real estate arm, DM Properties Ltd., is the seller of record of 1251 Forum Way South. The class A industrial building sold for close to an 8.5% cap rate, according to David Barber, a former Fort Worth broker who relocated and is now with NAI Austin.

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