Michael Arougheti Of Ares Management Acquires 411840 SF Industrial Facility In Joliet For $34.9M

Ares Management has acquired an industrial facility located at 2520 West Haven Avenue in Joliet. The property spans approximately 22 acres, with a total square footage of 411,840. The transaction was completed for a sale price of $34,900,000, equating to about $85 per square foot. This asset is part of Cherry Hill Business Park and features modern distribution capabilities in proximity to significant interstate infrastructure.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $34,900,000
• Square Footage: 411,840
• Address: 2520 West Haven Avenue
• Market: Joliet
• Buyer: Michael Arougheti - Ares Management
• Seller: Luke J. Petherbridge - Link Logistics

Michael Arougheti represents Ares Management in the acquisition, while Luke J. Petherbridge represents Link Logistics in the transaction. This acquisition signals Ares Management's continued investment in properties with modern features designed for distribution, following Link's previous purchase in 2019 as part of a larger portfolio deal with Global Logistics Properties.