Ares Management Pays $44M for Boston-Area Asset
JLL represented the seller of the fully occupied property.
Ares Management Real Estate has acquired a 198,720-square-foot Class A distribution center in Taunton, Mass. The property changed hands for nearly $44.3 million, according to Bristol County public records.
The buyer made the acquisition through one of its real estate funds and will manage the property through Ares Industrial Management.
JLL represented the seller, a fund managed by Brookfield Asset Management.
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The property is at 151 Charles F. Colton Road and came online in 2014. The single-story industrial facility features 28-foot clear heights, ESFR sprinklers, 30 loading docks and 23 trailer parking spots. It is fully leased by Sullivan Tire, according to CommercialEdge. The same data provider shows that the property previously changed hands in 2021, when Brookfield Asset Management paid $29 million to seller The Maggiore Cos.
The 15-acre property offers access to major transportation corridors such as interstates 495 and 95, as well as to U.S. Route 24 and U.S. Highway 44, allowing easy connectivity to the Providence, R.I., area and to the Greater Boston region.
Boston is within a 42-mile drive, while Norwood Memorial Airport is 24 miles away and Providence is 28 miles from the property. Additionally, the distribution center is within Myles Standish Industrial Park, the largest master-planned industrial campus in the state.
Managing Director Michael Restivo and Director David Coffman with JLL worked on behalf of the seller.
Boston posts high industrial sales prices
Industrial investment activity remained stable throughout 2024, with $54.6 billion in deals at a national level recorded year-to-date through November, a recent CommercialEdge report shows. The amount will likely match 2023 deals.
Across Northeastern markets, Boston recorded $639 million in industrial sales, surpassing only Bridgeport in the region. Meanwhile, Boston sale prices averaged $161 per square foot, surpassed only by New Jersey’s $218 per square foot in the region.
A recent deal in the area is B&D Holdings’ $18.5 million acquisition in Avon, Mass. The company purchased a 109,300-square-foot industrial property from a joint venture between Oliver Street Capital and Bain Capital Real Estate.
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