Ares Fund Acquires Value-Add Industrial in Westminster

Cushman & Wakefield brokered the sale of a freestanding industrial distribution building totaling 258,506 square feet in Westminster. The sale price was not disclosed.

The property was acquired by a real estate fund managed by Ares Management. Located at 7400 Hazard Ave., the building is situated on 11.82 acres and was approximately 72.6% leased during the time of sale, providing the buyer a variety of value-add strategies via lease-up and mark-to-market.  

Jeff Chiate, Jeffrey Cole, Rick Ellison and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group—West represented the undisclosed seller. The firm’s Randy Ellison and Kyle McGillen provided leasing advisory and were also retained by the buyer to continue leading project leasing for the asset.

Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance team of Rob Rubano, Brian Share, Max Schafer and Becca Tse worked with Ares’ debt capital markets team in securing financing for the acquisition.

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