Cabot Partners Ltd. Partnership yesterday purchased two buildings in the Marley Neck Industrial Park for $12.75 million, in the Boston-based pension fund adviser's second area purchase recently.
Cabot acquired the 358,160 square feet of office and industrial space on behalf of the New York State Teachers Retirement System, which expects to receive a more than 10 percent yield from the Anne Arundel County project's $1.3 million annual rental income.
"Marley Neck fits the profile of what we're looking for," said John F. Malloy, a Cabot Partners senior vice president. "It's well-leased and relatively new. And with the degree of institutional ownership there is in the Baltimore area, it's been hard to find good product."
In the past two years, a number of pension fund advisers have acquired local industrial projects in an attempt to diversify their clients' investment portfolios.
In late December, for instance, Cabot Partners bought a Jessup industrial building for the New York fund as part of a $100 million capital allocation.
Cabot Partners bought the buildings in the 116-acre Marley Neck TTC park from British lender Barclays Bank PLC, which had assumed control in late 1993 after developer Cabot, Cabot & Forbes -- a former Cabot Partners affiliate -- defaulted on more than $20 million in outstanding loans.
The two buildings are currently 95 percent leased by SCM Chemicals Inc., Eli Witt and others, said Philip C. Iglehart, a Colliers Pinkard executive who together with Dennis P. Malone represented Barclays in the transaction.