Ares Management Acquires Industrial Portfolio In New Jersey For $118.5M

David Kaplan, on behalf of Ares Management, acquired a portfolio of 14 industrial buildings spanning 1.12 million square feet in southern New Jersey from Tom Heitzman of Whitesell Construction. The transaction was completed for a total sale price of $118,500,000, resulting in a price per square foot of $106. The properties, including those located at 8021 Route 130 and 1050 Thomas Busch Memorial Highway in Pennsauken, N.J., contribute to Ares Management's substantial real estate holdings.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $118,500,000
• Square Footage: 1,116,348
• Price per Square Foot: $106
• Buyer: David Kaplan - Ares Management
• Seller: Tom Heitzman - Whitesell Construction
• Broker: Michael Hines - CBRE

This acquisition aligns with Ares Management's strategy to continue expanding its real estate holdings. With nearly $64 billion in real estate assets within its $395 billion asset management portfolio, Ares Management demonstrates a strong presence in the industry.