Ares Real Estate has expanded its national portfolio with the purchase of industrial warehouses totaling 1.6 million square feet in Tarrant County. The acquisition includes properties in Arlington, east and north Fort Worth, and Northlake. The transaction price was not disclosed, according to a release from JLL Capital Markets cited by the Dallas Business Journal.
The acquired sites are 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.
JLL did not reveal the seller’s identity. However, Tarrant County deed records show that WPT Reeves Place and WPT Sylvania Avenue previously owned Riverbend Distribution Center and 35/820 @ Mercantile Center. In 2017, Pure Industrial Real Estate Trust acquired Riverbend Distribution Center; later, Blackstone bought Pure Industrial for $2.6 billion.
All buildings were constructed between 1999 and 2017 and are located within half a mile of major interstates along the Dallas-Fort Worth logistics corridor.
Management of these properties will be handled by Ares Industrial Management. Six tenants have fully leased space across the portfolio, including companies in automotive distribution, HVAC supplies, environmental services, apparel distribution, and third-party logistics.
Ares Real Estate has been active in industrial acquisitions recently. Earlier this summer it purchased $86 million worth of properties in the Chicago area (https://www.therealdeal.com/chicago/2024/07/01/ares-dra-push-86m-into-cooling-chicagoland-industrial/). Last year it completed one of South Florida’s largest industrial deals with a $147 million warehouse complex acquisition in Miami Lakes.
Weber commented on the transaction: “The portfolio offers investors exposure to assets positioned in a market that benefits from sustained demand in logistics and manufacturing.”
