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| Lewis D. Friedland |
IRVING, TX /PRNewswire/ -- Cobalt Capital Partners announced that it has sold
its highly diversified portfolio of 256 primarily light industrial assets for
approximately $1.6 billion to Colony Financial Inc.
The portfolio is leased to over 600 tenants and comprises
over 30 million square feet across 16 major U.S. markets, with significant
concentrations in Atlanta, Dallas and Chicago.
Cobalt's management team, led by Lewis D. Friedland,
has joined Colony to run the day-to-day operations of the business, including investments,
asset and property management.
Friedland, former Managing Partner of Cobalt Capital Partners,
said, "We're pleased to have executed this sale on behalf of our investor
partners, including our long-time partner USAA Real Estate Company.
"Our entire
team has done an excellent job over the last ten years building this business
into a leader in the industrial sector.
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| Len O'Donnell |
“We're excited to be joining Colony, one of the real estate
industry's premier companies, and look forward to continuing to grow our
portfolio."
Len O'Donnell, CEO of USAA Real Estate Company said,
"We are extremely pleased with this
transaction as it represents an outstanding outcome for the
investors.
“ We are also very proud to have worked with Lew and his
team in building the Cobalt platform over the last 10 years.
"They have been
great partners and they will be missed, but I know they will continue to be
successful
with Colony."
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| Kristin Gannon |
Cobalt was represented in the transaction by an Eastdil
Secured team led by Steve Silk and Jay
Borzi, the
CBRE National Partners team led by Jack Fraker and Chris Riley,
and Gannon Gerrity
Advisors, led by Kristin Gannon and Kevin Gerrity.
Locke Lord served as Cobalt's legal advisor
For a complete copy of the company’s news release, please
contact:
Lewis D. Friedland
972-893-7000
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