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Ares Expands Industrial Footprint by 12M SF
Funds managed by Ares Management’s Ares Real Estate Group have closed on the acquisition of two portfolios consisting of 75 industrial properties totaling 11.9 million square feet. The properties were purchased from two different sellers at an aggregate purchase price of approximately $1.7 billion.
The portfolios represent a diversified mix of Class A and B industrial holdings across 16 U.S. markets. Located in markets such as Atlanta, Chicago, Dallas and Southern California, the assets expand Los Angeles-based Ares’ industrial holdings in top-tier, high-growth markets that continue to experience strong tenant demand and rising rents.
“Backed by strong fundamentals including rising demand and solid rental rate growth, we remain committed to expanding our interest in the high conviction industrial sector,” said David Fazekas, partner and CIO of industrial. “We continue to focus on further diversifying our holdings in both top-tier coastal markets and high population growth markets.”
- ◦Sale/Acquisition
