Cobalt closes second industrial property vehicle

Dallas-based private equity real estate firm Cobalt has reportedly closed its second industrial property fund.

Cobalt Capital Partners has reportedly closed a second industrial property fund on $410 million (€295 million) from institutional investors. With leverage, the fund would have an investment capacity of approximately $1 billion.

Cobalt Industrial REIT II will target light industrial properties, between 50,000 and 250,000 square feet, in target markets throughout the US. The fund will have a lifespan of 5 to 10 years, according to the press report.
The firm’s initial industrial property fund, Cobalt Industrial REIT, has more than $227 million in commitments from institutional investors. The fund targeted light industrial properties in target markets throughout the US including Atlanta, Dallas, Houston, Chicago, Phoenix and Philadelphia.

Cobalt was founded in 2002 as a partnership between Lewis Friedland and USAA Real Estate to acquire US commercial property. In 2001, Friedland and USAA worked together on the disposition of New York Stock Exchange-listed REIT American Industrial Properties.