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10/23/24
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Ares Management Real Estate has obtained $475 mil in financing backed by a 4.8 msf, 25-building industrial portfolio on behalf of a fund it manages. The portfolio spans 16 markets in 12 states.
The floating-rate CMBS single-borrower (SASB) financing was provided by a syndicate led by J.P. Morgan, with Morgan Stanley and Natixis Corporate & Investment Banking as joint bookrunners. Rob Rubano, Gideon Gil, Brian Share, Joe Lieske, Ernesto Sanchez, and Lars Weston with Cushman & Wakefield’s Equity, Debt and Structured Finance team arranged the financing.
“The SASB market continues to be one of the bright spots in debt capital markets in 2024, and this refinancing saw strong bond-buyer demand and competitive tightening spreads,” said Brian Share, Executive Managing Director.
The portfolio is managed by Ares Industrial Management, a leading owner and operator of logistics facilities, and consists of a geographically diverse, national industrial portfolio consisting of 25 assets located in 16 key growth markets in 12 states across the U.S. The portfolio is currently 97% leased to a diverse rent roll of 58 tenants.
The properties feature Class A and B, bulk warehouse, and light industrial assets. The portfolio is comprised of nearly 4.8 msf, with its most significant assets consisting of two properties located in the San Francisco Bay Area totaling 518.3k sf, three properties in Southern California totaling 344.7k sf, five properties in Houston totaling 693.9k sf, one large freestanding property in Reno of 722.5k sf, and one large freestanding property in Atlanta totaling 797.6k sf. The remaining properties in the portfolio are spread out in other major markets including Salt Lake City, Phoenix, Denver, Orlando, Jersey City, Portland, Indianapolis, Chicago, and Las Vegas.
The portfolio has an average age of 2005—well over half (16) of the assets were built after 2000, and about half (12) were built within the last decade. The individual assets include various highly desirable industrial features, average clear height of 30’, ample dock doors and an average of 5% of office square footage across the portfolio.
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