Ares Real Estate has expanded its national industrial portfolio with the acquisition of several warehouses in Tarrant County, Texas. The properties, totaling 1.6 million square feet, are located in Arlington, east and north Fort Worth, and Northlake. The transaction price was not disclosed.
According to a release from JLL Capital Markets reported by the Dallas Business Journal, the assets include Arlington Tech Center at 2030 East Arbrook Boulevard; Northlake Business Center; 35/820 @ Mercantile Center at 4800 North Sylvania Road in Fort Worth; and Riverbend Distribution Center at 2101 Reeves Place in Fort Worth.
The sellers were not identified by JLL. However, county deed records show that WPT Reeves Place and WPT Sylvania Avenue previously owned Riverbend Distribution Center and 35/820 @ Mercantile Center.
Riverbend Distribution Center was purchased in 2017 by Pure Industrial Real Estate Trust, a Canadian REIT. Pure Industrial was later acquired by Blackstone for $2.6 billion.
All buildings involved in the deal were constructed between 1999 and 2017 and are situated within half a mile of major interstates along the Dallas-Fort Worth logistics corridor.
Management of the newly acquired properties will be handled by Ares Industrial Management. Six tenants have fully leased space across these sites, including companies from automotive distribution, HVAC supply, environmental services, apparel distribution, and third-party logistics sectors.
Ares has been active in industrial acquisitions recently. Earlier this summer, it bought $86 million worth of properties in the Chicago area (https://therealdeal.com/chicago/2024/07/10/ares-dra-push-86m-into-cooling-chicagoland-industrial/). Last year, it completed one of South Florida’s largest industrial deals by purchasing new warehouses in Miami Lakes for $147 million.
Weber said: “The portfolio offers investors exposure to assets positioned in a market that benefits from sustained demand in logistics and manufacturing.”
