NEW YORK, Feb. 7, 2017 - New York City-based investment advisory firm DRA Advisors LLC has acquired a 19.8 million-square-foot 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 percent 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 square feet," said David Luski, president of DRA Advisors.
According to Franz Colloredo-Mansfeld, Chief Executive Officer 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."
About DRA Advisors
DRA Advisors is a private equity real estate firm formed in 1986. Headquartered in New York City, DRA Advisors has acquired over $28.0 billion of real estate investments during its history. DRA currently has over $10 billion of assets under management including more than 70.0 million square feet of commercial real estate and over 12,000 residential units.
About Cabot Properties
Cabot Properties is a private equity real estate investment firm. The firm is a leading investor, developer and operator of industrial properties throughout North America and the United Kingdom. Formed in 1986, Cabot has invested $7 billion in industrial real estate, managing and operating approximately 3,500 tenants in 160 million square feet.
About Eastdil Secured
Eastdil Secured, a subsidiary of Wells Fargo Bank (NYSE: WFC), is one of the most active investment property sales, debt placement and commercial mortgage sales firms in the country. Eastdil Secured is also engaged in raising debt and equity in the public markets and raising private equity and entity recapitalizations through its broker dealer affiliate, Wells Fargo Securities. Since 2010, Eastdil Secured has completed over 4,573 transactions totaling over $1.3 trillion. The firm has offices in New York, Los Angeles, San Francisco, London, Hong Kong, Dallas, Washington D.C., Chicago, Atlanta, Boston, Irvine, Silicon Valley and Seattle.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.