HOUSTON-Cabot Properties Inc. has bulked up its local industrial portfolio through the acquisition of 11 properties totaling 1.2 million square feet. The purchase price was undislosed, but local experts estimate the portfolio, which includes both distribution and flex-industrial space, traded for more than $50 million.

The Boston-based firm bought the portfolio from Granite Properties Inc. in an all-cash deal through the Cabot Industrial Value Fund III. The fund seeks to invest up to $1.5 billion in the industrial property sector, focusing on major markets throughout North America and the United Kingdom.

The 11 properties were part of a 16-property industrial portfolio owned by Granite. The Dallas-based firm made the decision last year to exit the industrial market and focus on office properties. With the sale to Cabot, Granite no longer owns any industrial properties, according to Rusty Tamlyn, a senior managing director with HFF’s local office.