Holliday Fenoglio Fowler has been selected to market a 1.65 million-square-foot industrial portfolio on behalf of Cobalt Capital Partners.
HFF says the package is expected to attract bids of $78 million, or $47 per square foot: “At that price, the initial annual yield would be roughly 7 percent and, given that most of the leases were negotiated during the market trough, the successful buyer will receive ample upside opportunities on future lease expirations.”
Built in the 1980s, the properties are located in or near D/FW International Airport, northwest Dallas, northeast Dallas, and southwest Dallas. They’re 95 percent leased to 31 tenants, with an average remaining lease term of six years, HFF says.
Dallas-based Cobalt Capital currently owns about 31 million square feet of light industrial space in 18 major markets across the country.