NEW YORK — DRA Advisors has purchased a 19.8-million-square-foot industrial portfolio that spans 21 U.S. markets for $1.1 billion. The portfolio contains a total of 184 properties that are 94 percent leased to more than 500 tenants.
The properties reside in industrial hubs such as Dallas, Houston, Chicago, Atlanta and Columbus, Ohio. The assets range from less than 15,000 square feet to 925,000 square feet, according to CoStar Group.
Cabot Properties Fund II sold the portfolio, concluding the fund’s disposition activity. The fund was launched in late 2005.
This acquisition will allow New York-based DRA Advisors to expand its industrial footprint to more than 45 million square feet. DRA’s industrial assets are primarily located in Texas, California, Illinois, Indiana and Florida.
The private equity real estate firm currently has more than $10 billion of assets under management. This includes more than 70 million square feet of commercial real estate and more than 12,000 residential units.
Eastdil Secured and Cushman & Wakefield represented Boston-based Cabot Properties in the transaction. The private equity real estate firm manages and operates about 160 million square feet of industrial properties throughout North America and the United Kingdom that are valued at $57 billion.
— Nellie Day