Michael Arougheti Of Ares Management Acquires Industrial Property In Philadelphia For $10.2M

Ares Management acquired a 65,582-square-foot warehouse at 13200 Townsend Road in Northeast Philadelphia for $10.2 million. The asset, covering 7.3 acres, is located in a market known for its industrial properties.

Summary of transation details:

• Property Type: Industrial
• Transaction Amount: $10,200,000
• Square Footage: 65,582
• Address: 13200 Townsend Road
• Market: Philadelphia, PA
• Price Per Square Foot: $156
• Buyer: Michael Arougheti - Ares Management
• Seller: Greg Lauze & Dean Atkins - Northbridge Partners

The current subtenant, Amazon, will continue to occupy the property, which has seen its third sale in six years, reflecting ongoing activity in this sector.