Ares Real Estate has expanded its national portfolio with the acquisition of 1.6 million square feet of industrial warehouses in Tarrant County. The Los Angeles-based real estate investment trust purchased properties located in Arlington, east and north Fort Worth, and Northlake. The transaction price was not disclosed.
The acquired 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. JLL Capital Markets reported the deal but did not identify the seller. According to county records, WPT Reeves Place and WPT Sylvania Avenue previously owned some of these properties.
Riverbend Distribution Center was purchased by Pure Industrial Real Estate Trust in 2017 before Pure Industrial was acquired by Blackstone for $2.6 billion.
The buildings were constructed between 1999 and 2017 and are situated within half a mile of major interstates along the Dallas-Fort Worth logistics corridor. Ares Industrial Management will oversee operations for these properties.
Currently, six tenants fully lease the buildings. Tenants represent sectors such as automotive distribution, HVAC distribution, environmental services, apparel distribution, and third-party logistics.
Ares has been active in acquiring industrial portfolios recently. Earlier this summer, it spent $86 million on properties in the Chicago area (https://therealdeal.com/chicago/2024/07/11/ares-dra-push-86m-into-cooling-chicagoland-industrial/). Last year, Ares completed one of South Florida’s largest industrial deals by purchasing new warehouses in Miami Lakes for $147 million.
Weber commented on the recent acquisition: “The portfolio offers investors exposure to assets positioned in a market that benefits from sustained demand in logistics and manufacturing.”
