Closes $87.6 Million 10-year Financing, Settles Interest Rate Hedge

    BOSTON, April 1 /PRNewswire/ -- Cabot Industrial Trust (NYSE: CTR), a
national owner, operator, and developer of industrial property, announced
today that it has completed the acquisitions of 34 properties for $68 million
in five separate transactions.  The 34 properties contain 1.7 million rentable
square feet, of which 45% is multitenant and 55% is workspace property.  These
properties are currently 98% occupied by 76 tenants.
    Additionally, the Company has completed an $87.6 million secured 10-year
financing with Teachers Insurance and Annuity Association at a fixed interest
rate of 7.25%.  The proceeds were used to pay down borrowings on the Company's
$325 million line of credit.
    On March 31, the Company settled two separate interest rate hedge
agreements that expired at a total cost of $2.5 million.  These treasury lock
agreements have been disclosed in earlier quarterly and annual filings.  The
final settlement cost is not expected to have a material impact on FFO.
    Cabot Industrial Trust is a fully integrated real estate company that
specializes in the ownership, acquisition, and development of industrial
properties with 241 operating industrial properties containing approximately
30 million square feet in 21 states.  The Company also manages 10 million
square feet of property for investment advisory accounts.  The Company focuses
on a broad spectrum of industrial property types nationwide including large
bulk distribution facilities, multitenant distribution facilities, and
workspace properties.
    In addition to historical information, this press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995.  These statements are based on management's
current expectations about the industry and the markets in which the Company
operates.  Such forward-looking statements are not guarantees of future
performance and involve known or unknown risks, uncertainties or other factors
which may cause actual results, performance or achievements of the Company to
be materially different from any future results, performance, or achievements
expressed or implied by such forward-looking statements.  Actual operating
results may be affected by various factors including, without limitation,
changes in national and local economic conditions, competitive market
conditions, uncertainties and costs related to and the imposition of
conditions on receipt of governmental approvals and costs of material and
labor, all of which may cause such actual results to differ materially from
what is expressed or forecast in this press release.  Capital and credit
market conditions which affect the Company's cost of capital also influence
operating results.

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