We present a model of bidirectional vesicular transport between two intracellular organelles, which takes into account intermediate stages of transport that occur between vesicular budding from one organelle and subsequent fusion with the other organelle. These are incorporated into the model by associating with each organelle a donor pool of newly budded vesicles and an acceptor pool of transported vesicles ready for fusion. By constructing a system of differential equations that keeps track of the distribution of vesicles and protein concentrations within the various pools and along cytoskeletal tracks, we show how a stable steady state can emerge that consists of organelles that maintain different protein concentrations in spite of the continuous exchange of materials. In particular, exploiting the fact that the surface area of individual vesicles is much smaller than the surface area of organelles, we use an adiabatic approximation to eliminate the vesicular variables. This results in a major simplification of the dynamics and provides a systematic procedure for deriving phenomenological models of cooperative transport.