Black Creek Industrial REIT Acquires 48 Industrial Assets for $920M

CRE Industrial Trends_Taylor Cole

Ares Management Corporation announced today that its managed fund, Black Creek Industrial REIT IV, has closed on the acquisition of 48 industrial properties totaling 8.3 million square feet. The properties were purchased from affiliates of real estate investment trust Prologis, Inc. for approximately $920 million.

“This transaction demonstrates our continued commitment to the industrial sector, which is one of the strongest in commercial real estate backed by growing investor interest,” said Raj Dhanda, partner and global chief operating officer of the Ares Real Estate Group. “The addition of these properties not only further diversifies our holdings, but they are located in markets that are essential in linking national and regional supply chains, which is critical as we continue to see e-commerce demand increase.”

The transaction consisted of:

  • 48 properties located across 13 U.S. markets
  • 8.3 million square feet of Class A and B industrial holdings that are currently 96.4% occupied

On July 1, 2021, a subsidiary of Ares assumed the management of BCIIV as part of an agreement to acquire Denver-based Black Creek Group’s U.S. real estate investment advisory and distribution business.

“Our acquisition of Black Creek Group was highly attractive for many reasons, including its ability to source and execute large scale transactions in the highly attractive industrial sector,” said David Roth, partner and head of U.S. Real Estate Private Equity in the Ares Real Estate Group. “Black Creek’s industrial track-record has made them a trusted buyer, owner and operator in the sector, particularly in core/core-plus strategies, and we look forward to continuing to expand Ares’ capability within one of the most attractive verticals of commercial real estate.”

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