Ares Real Estate has acquired a 36-property industrial portfolio from EQT Real Estate, positioned in the Midwest and Sun Belt.
In total, the institutional grade portfolio takes up about 7.3 million square feet and is scattered across 12 distribution markets in the country, with a focus on Atlanta, Chicago, Columbus, Phoenix, Dallas and the Carolinas. Plus, there is a concentration of logistics destinations including Cincinnati, Memphis and Southern California. These areas are surrounded by large population centers and provide direct access to key transportation, according to EQT.
The types of tenant industries in the portfolio include e-commerce, food and beverage, light manufacturing and distribution.
Some features that the properties host include 31-foot clear heights, rear-load and cross deck configuration, truck courts and parking accommodations.
Ares used its real estate fund to acquire the portfolio.
For EQT, this represents yet another move after its parent company revealed to Bloomberg TV that it would invest more than $250 billion in the U.S. March, in particular, has been a busy month for the Radnor, PA-based firm, with one of its moves including a $575 million purchase of a Southeast and Northeast portfolio. Also, earlier this week, it announced the acquisition of a roughly two-million-square-foot portfolio in Southern New Jersey.
EQT said that today's disposition aligns with an approach where it is focusing on high-quality portfolios in markets with tight supply.
"This transaction highlights EQT Real Estate's strength in creating and realizing value across the investment lifecycle," Matthew Brodnik, global chief investment officer at EQT, said.
"The team combined thoughtful portfolio construction with EQT Real Estate's differentiated hands-on active management to build a portfolio with strong underlying fundamentals, enhance its performance, and ultimately deliver an outcome that reflects its quality and future potential."
JLL advised EQT on today's sale.
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