DRA Advisors acquires $1.07 billion portfolio from Cabot Properties, assets span 21 markets
NEW YORK, NY — New York City-based investment advisory firm DRA Advisors LLC has acquired a 19.8 million s/f industrial portfolio on behalf of its funds from Boston-based private equity real estate firm Cabot Properties, Inc. Eastdil secured and Cushman & Wakefield represented Cabot Properties in the $1.07 billion trade.
The portfolio is geographically diversified across 21 markets throughout the United States, including major industrial hubs such as Dallas, Chicago, Columbus, Houston and Atlanta. Its 184 properties are 94% leased to more than 500 tenants.
“We are enthusiastic about the investment potential of this portfolio and the ability to extend our national industrial footprint to over 45 million s/f,” said David Luski, president of DRA Advisors.
According to Franz Colloredo-Mansfeld, CEO of Cabot Properties, this blockbuster deal concludes disposition activity for his firm’s Fund II assets. “We are pleased to have closed this large, complex transaction, which marks the successful and profitable close of an investment program we launched in late 2005,” Colloredo-Mansfeld said. “Continuing strong tenant demand and very favorable conditions in the industrial property markets should also make this a successful investment for DRA Advisors.”