HOUSTON – (Realty News Report) – Molto Industrial Properties has sold a six-building, 1.5 million-square-foot industrial portfolio spanning Houston and four additional U.S. cities, according to Cushman & Wakefield.
A fund managed by a subsidiary of Ares Management Corp. acquired the portfolio from Molto Industrial Properties.
Houston assets in the sale include 625 and 645 Independence Parkway in Deer Park, totaling 414,000 square feet and 194,610 square feet, respectively.
Cushman & Wakefield brokers Adam Tyler, Jim Carpenter and Mike Tenteris represented Chicago-based Molto Industrial Properties in the transaction.
“Molto’s portfolio covers primary industrial markets, including Houston and Chicago, as well as key e-commerce hubs in the Heartland such as Louisville and Cincinnati, and Nashville—one of the fastest-growing cities in the U.S.,” Tyler said. “With persistently tight market conditions, rapidly rising construction costs and demand outpacing supply across these markets, this portfolio offers significant leasing upside along with the income stability typically associated with industrial real estate.”
Molto’s Central U.S. portfolio is 94 percent leased to nine tenants. Other properties in the portfolio are:
- 2103 South Park Road, Louisville – 324,146 square feet
- 945 Corporate Blvd., Chicago – 274,664 square feet
- Mason Road project, La Vergne, Tennessee – 165,828 square feet
- 2270 Litton Lane, Hebron, Kentucky – 165,407 square feet
Each property was developed on a speculative basis to allow flexible configurations for single- or multi-tenant occupancy.
The buyer is affiliated with Ares Management Corp., which in July expanded its U.S. real estate capabilities by acquiring Black Creek Group’s U.S. real estate investment advisory and distribution business.
In March, Transwestern Real Estate Services and Molto Properties broke ground on the West Gulf Bank Distribution Center, a 115,642-square-foot distribution building near the intersection of Beltway 8 and Highway 290 in northwest Houston.
Dec. 22, 2021 Realty News Report. Copyright 2021.
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