Michael Arougheti Of Ares Real Estate Acquires Industrial Asset From Stephen A. Schwarzman For $49M

The property asset involved in this transaction is an industrial facility located at 401 East Laraway Road in Joliet. Ares Management has acquired this distribution center leased to Amazon for a total price of $49 million. The investment reflects the ongoing investor interest in logistics properties in suburban Chicago.

Summary of transation details:

• Property Type: Industrial
• Transaction Amount: $49,000,000
• Buyer: Michael Arougheti - Ares Real Estate
• Seller: Stephen A. Schwarzman - Blackstone
• Date of Transaction: 02/26/2026

This deal highlights the strategic move by Ares Real Estate into large-scale industrial assets. The acquisition of the Amazon-leased distribution center signifies strong market confidence in logistics properties within the region, where industrial leasing dynamics have remained robust despite recent adjustments in the market.