Ares Management Scoops Up Five-Market 1.5M-SF Portfolio

Molto Industrial Properties recently disposed of a 1.5 million-square-foot industrial portfolio located across five markets. A fund managed by a subsidiary of Ares Management Corporation, which acquired Black Creek Group’s U.S. real estate investment advisory and distribution business earlier this year, bought the six-building portfolio for an undisclosed price.

Molto’s Central U.S. Portfolio included two buildings in Houston and one each in Louisville, Chicago, Nashville and Cincinnati. Overall, the portfolio is 94 percent leased to nine tenants. Properties in the portfolio include 625 and 645 Independence Pkwy. in Deer Park, TX, which total 414,000 square feet and 194,610 square feet, respectively; 2103 South Park Rd. in Louisville, which totals 324,146 square feet; 945 Corporate Blvd. in Chicago, which totals 274,664 square feet; 421-331 Mason Rd. in La Vergne, TN, which totals 165,828 square feet; and 2270 Litton Lane in Hebron, KY, which totals 165,407 square feet.

Cushman & Wakefield’s Adam Tyler, Jim Carpenter and Mike Tenteris represented Chicago-based Molto Industrial Properties in the transaction.

“Molto’s portfolio covers primary industrial markets with Houston and Chicago, Heartland e-commerce markets with Louisville and Cincinnati and with Nashville, one of the fastest-growing cities in the U.S.,” says Tyler. “With continued tight market conditions, construction costs rapidly rising and demand outpacing supply in these markets and across the U.S., this portfolio offers strong leasing upside as well as the in-place stability traditionally associated with the industrial sector.”