Affinius Capital Provides $150M Acquisition Financing on 1.8M-SF Industrial Portfolio
Ares Industrial Management will oversee buildings in Palm Beach, Louisville, Charlotte, Atlanta, Philadelphia and Dallas
By Brian Pascus February 26, 2024 1:34 pm
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Ares Industrial Management has secured a $150 million loan to acquire a six-property, 1.8 million-square-foot industrial portfolio spread across six states, Commercial Observer has learned.
Affinius Capital originated the $150 million acquisition loan on behalf of a real estate fund overseen by Ares Management (ARES)..
In a statement, Tom Burns, managing director of Affinius Capital, said that 40 percent of the six property portfolio is fully leased and there are letters of intent currently out “on the majority” of the remaining available space.
“The portfolio provides submarket diversity and a compelling opportunity to provide financing to real estate funds managed by Ares as it leases the portfolio to stabilization,” said Burns.
Located in Palm Beach, Louisville, Charlotte, Atlanta, Philadelphia and Dallas, the industrial properties within the six building portfolio all feature 24’ to 36’ clear heights for trucks, between 32 and 108 dock doors, and easy access to highways and major freeways.
Ares Management did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
