Michael Arougheti Of Ares Management Acquires Industrial Portfolio From Henry Steinberg For $650M

The industrial portfolio involved in this transaction encompasses 36 warehouses across the United States. The sale price has been set at $650,000,000, encompassing a total square footage of 7,300,000, resulting in a price per square foot of $89.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $650,000,000
• Buyer: Michael Arougheti - Ares Management
• Seller: Henry Steinberg - EQT Exeter
• Lender: Wells Fargo, Barclays Bank & Bank of America
• Total Square Footage: 7,300,000
• Price Per Square Foot: $89
• Portfolio Leased Percentage: Over 95%

Ares Management is financing this acquisition with a $500M two-year floating-rate loan and is contributing $168M in equity. This transaction marks Ares’ aggressive expansion strategy within the industrial sector, continuing from its recent purchases from EQT.