Ares Management Secures $150M for Industrial Portfolio

An Ares Management real estate fund has landed a $150 million loan for a six-property, 1.8 million-square-foot industrial portfolio. Affinius Capital originated the 10-year financing.

“With strong leasing activity and institutional sponsorship, this portfolio epitomizes our commitment to investing in premium industrial spaces and underscores Affinius’ dedication to delivering value in supply-constrained and growing markets,” Affinius Capital Managing Director Tom Burns told Commercial Property Executive.

The cross-collateralized assets include, according to public records:

• Coopertown Logistics Center in Delanco, N.J.
• Greenbelt Logistics Center in Louisville, Ky.
• Airport 85 Business Center in Charlotte, N.C.
• Oakdale Logistics Center in Dallas
• Boca Logistics Center in Boca Raton, Fla.
• Wilkerson Mill Logistics Center in Palmetto, Ga.

Completed between 2021 and 2023, the portfolio consists of a mix of rear-loading and front-loading buildings. The warehouses feature 24- to 36-foot clear heights, 32 to 108 dock doors and truck courts ranging from 130 feet to 185 feet.

The Class A properties were 40.9 percent leased at the time of closing, with letters of intent out on most of the vacant space. Tenant configuration possibilities are flexible.

The largest asset in the portfolio, Oakdale Logistics, totals 638,000 square feet. The 50 percent-leased property is off Singleton Boulevard, approximately 1 mile from Loop 12 and half a mile from Interstate 30.

Recent Ares Management transactions

Ares Management had more than 140 million square feet of industrial space in its national portfolio as of June. Some 44 million square feet were added in 2021, when the firm acquired Black Creek Group.

One of the former Black Creek holdings was a 1 million-square-foot facility in Dallas that was leased in its entirety by Careismatic Brands last February. The retailer uses the space as a shipping hub.

Earlier this year, Ares sold a 230,000-square-foot Las Vegas industrial campus, in a joint venture with CapRock Partners. The asset changed hands for $54.8 million.