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Cobalt Acquires Shawnee Ridge Portfolio

ATLANTA-The nine-building acquisition, totaling 1.7 million square feet, is its second in June.

By Carl Cronan | Updated on June 22, 2009

ATLANTA-In its second local acquisition this month, Dallas-based Cobalt Capital Partners LP has purchased a nine-building industrial portfolio totaling 1.7 million square feet at Shawnee Ridge business park. The price was not disclosed, though brokers familiar with the transaction say the price reflects currently depressed market conditions.

Cobalt Industrial REIT II also recently bought the Tradeport I and II buildings, totaling 436,000 square feet, from James Campbell Co. LLC. The new landlord plans to break down some of the larger space into smaller units in order to achieve higher rents.

The Shawnee Ridge acquisition brings Cobalt’s local holdings to 6.6 million square feet, making Atlanta the largest of 14 markets where it operates. The company now owns a total of 27 million square feet nationwide.

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