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

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

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

Industrial
1,116,348 SF
clock iconSold 159 days ago
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Summary

Sale
NEW JERSEY
Industrial
1,116,348 sqft

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.

Players

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    2

  • Agents

    1

  • Agencies

    1

Michael Hines's profile picture
Michael Hines
CBRE-image
Vice Chairman
$958.7M Sold

Details

Deal Summary
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SOLD
IMAGE: David Kaplan, Tom Heitzman & Michael Hines DATE: 02/12/2024 ADDRESS: Industrial Portfolio MARKET: New Jersey ASSET TYPE: Industrial BUYER: David Kaplan - Ares Management (@Ares_Mgmt) SELLER: Tom Heitzman - Whitesell Construction BROKER: Michael Hines - CBRE (@CBRE) SALE PRICE: $118,500,000 SF: 1,116,348 ~ PPSF: $106 NOTE: Ares Management acquired a portfolio of 14 industrial buildings spanning 1.12 million square feet in southern New Jersey for $118.5 million from Whitesell Construction, with CBRE representing the seller. The properties, including those at 8021 Route 130 and 1050 Thomas Busch Memorial Highway in Pennsauken, N.J., contribute to Ares' substantial real estate holdings of nearly $64 billion within its $395 billion asset management portfolio.

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

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