NEW YORK CITY — CBRE has arranged the sale of a 20-property last-mile distribution and light-manufacturing industrial portfolio across eight states. New York City-based Ares Commercial Real Estate Corp. (NYSE: ACRE) acquired the portfolio, which spans more than 3 million square feet.
Brian Fiumara led CBRE’s National Partners team in marketing the portfolio and representing the undisclosed seller in the transaction. The CBRE team also procured the buyer.
The properties include:
- 100 Sea Lane in Farmingdale, N.Y.
- 655 Church Street in Bayport, N.Y.
- 199 Canal Road in Fairless Hills, Pa.
- 199, 270, 279 and 290 Canal Road in Fairless Hills, Pa.
- 4300 Carolina Ave. in Richmond, Va.
- Four buildings at 3921 South Miami Blvd. in Durham, N.C.
- 120 Trans Air Drive in Morrisville, N.C.
- 2708 Yorkmont Road and 4205 Shopton Road in Charlotte, N.C.
- 2000 Stanley Gault Parkway and 5201 Interchange Way in Louisville, Ky.
- 150 Omicron Court in Shepherdsville, Ky.
- 110 Little Hearst Parkway in Pooler, Ga.
- 5045 West 79th Street in Indianapolis, Ind.
- 1501 Remington Blvd. in Bolingbrook, Ill.
The industrial portfolio consists of well-maintained industrial buildings ranging in size from 16,000 to 500,000 square feet, while average occupancy across the properties currently sits at 95 percent.
“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,” says Fiumara.
ACRE is a real estate investment trust (REIT) managed by Ares Commercial Real Estate Management LLC, a subsidiary of Ares Management Corp., which manages approximately $596 billion of assets.
ACRE’s stock price closed on Thursday, Dec. 4 at $5.15 per share, down from $6.98 a year ago, a nearly 26 percent decline.
— Abby Cox