Ares Management Real Estate Secures $367M for Logistics Portfolio
The firm procured the loan to finance a 23-building, fully-leased industrial portfolio located in the Mid-Atlantic region.
MOUNT LAUREL, NJ – An Ares Management Real Estate fund has secured $367.8 million to finance a 23-building logistics portfolio along the East Coast.
Cushman & Wakefield served as the fund’s exclusive advisor in procuring the financing, and J.P. Morgan served as administrative agent on the loan.
The 3,034,863-square-foot industrial portfolio is 100% leased to 41 tenants. The properties range in size from 7,238 square feet to 478,715 square feet.
The portfolio’s assets are located throughout the I-95 distribution corridor in the Mid-Atlantic region. Situated in New Jersey, Pennsylvania and Maryland, the portfolio includes 2000 Bishops Gate Blvd. in Mount Laurel, NJ, 3201 Pennsy Dr. in Landover, MD and 50 Route 46 E. in Totowa, NJ.
“We believe the East Coast logistics portfolio is well-situated to capitalize on the industrial sector’s rapid expansion within the Mid-Atlantic region with stable market rents and low vacancy rates,” says Cushman & Wakefield’s John Alascio. “We were able to achieve competitive financing terms because of the portfolio’s ideal location throughout the most prolific industrial pockets in the country and its ability to greatly benefit from the sustained e-commerce growth.”
Cushman & Wakefield’s equity, debt & structured finance team, including Alascio, Alex Hernandez, Alex Lapidus, Chuck Kohaut, TJ Sullivan and Jason Blankfein, represented the borrower in the transaction.