Illinois-based Inland Institutional Capital Partners is investing $125 million (€92 million) in Cobalt Industrial REIT II, a non-listed logistics REIT advised by Irving, Texas-based Cobalt Capital Partners.
The vehicle has more than $1 billion in development projects and acquisitions slated for the next 30 months, according to a statement released by the firms. So far the REIT has acquired 36 logistics properties in the greater Atlanta, Chicago, Dallas, Houston and Phoenix areas, representing more than 3 million square feet of industrial space.
Inland’s investment was made on behalf of Inland American Real Estate Trust, one of four REIT vehicles managed by The Inland Real Estate Group. Inland Institutional Capital Partners is the company’s private equity arm, which was formed last year.
In total, the company has interests in 106 properties, representing more than 18 million square feet of space.
The initial Cobalt Industrial REIT has more than $227 million in commitments from institutional investors. 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.
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