Ares Commercial Real Estate Corporation (NYSE: ACRE) has acquired a light manufacturing industrial portfolio of 20 properties in eight states.
The portfolio totals more than three million square feet, with properties ranging from 16,000 to 500,000 square feet. The portfolio is nearly 95% occupied, with properties in Georgia, Illinois, Indiana, Kentucky, New York, North Carolina, Pennsylvania, and Virginia.
The CBRE National Partners Team led by Vice Chairman Brian Fiumara spearheaded the marketing of the portfolio and represented the unnamed seller in the negotiations; the team also procured the buyer. The financial aspects of the deal were not disclosed.
“The acquisition by Ares allows the company to expand its existing portfolio with a critical mass of light industrial and well-located last-mile assets in major population centers with access to key distribution infrastructure,” said Fiumara. “We are thrilled to have completed such a complex assignment on behalf of our client.”
Photo: 100 Sea Lane in Farmingdale, New York, one of the acquired properties; courtesy of EQT Group.
