Ares Management acquires 11.9msf of industrial assets for $1.7b

Ares Management Corp. has announce that funds managed by the 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 the firm’s industrial holdings in top-tier, high-growth markets that continue to experience strong tenant demand and rising rents. Additionally, with approximately 80 percent of the assets located in infill areas, the portfolios are well-positioned to capitalize on the growing need for last-mile space, especially from ecommerce-based tenants.

“Backed by strong fundamentals, including rising demand and solid rental rate growth, we remain committed to