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Cobalt Capital acquires 1.7 million square foot Atlanta portfolio

Cobalt Capital Partners, through its Cobalt Industrial Reit II affiliate, has acquired the 1.7 million square foot, nine building Shawnee Ridge industrial portfolio in Atlanta, Georgia.

Cobalt Capital Partners, through its Cobalt Industrial Reit II affiliate, has acquired the 1.7 million square foot, nine building Shawnee Ridge industrial portfolio in Atlanta, Georgia.

National industrial developer IDI built the nine building portfolio consisting of multi-tenant, class A light industrial buildings between 1990 and 1997.

Shawnee Ridge is a 587 acre business park located in the heart of Atlanta’s I-85 Northeast industrial submarket. The park is fully built-out with 44 buildings totalling 5.9 million square feet.

The portfolio is comprised of nine state-of-the art light industrial buildings averaging 189,000 square feet and are 82 per cent leased to 16 tenants.

"The Shawnee Ridge acquisition enabled us to significantly expand our presence in Atlanta, a market that we believe will respond very quickly as the general economy recovers over time," says Lew Friedland, managing partner of Cobalt Capital Partners. "We now own over 6.6 million square feet of light industrial space in Atlanta and it’s become our largest portfolio of the 14 markets in which we operate. We were also pleased to have simultaneously closed an attractively priced five-year fixed rate acquisition mortgage for approximately 60 per cent of our investment cost."

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