Cushman & Wakefield announced today that the firm represented Molto Industrial Properties in its disposition of a 1.5 million-square-foot portfolio located across five markets. A fund managed by a subsidiary of Ares Management Corporation, which acquired Black Creek Group’s U.S. real estate investment advisory and distribution business on July 1, 2021, bought the six-building portfolio.
Cushman & Wakefield’s Adam Tyler, Jim Carpenter and Mike Tenteris represented Chicago-based Molto Industrial Properties in the transaction.
Molto’s Central U.S. Portfolio included two buildings in Houston and one each in Louisville, Kentucky, Chicago, Nashville and Cincinnati. Overall, the portfolio is 94% leased to nine tenants. Properties in the portfolio include: 625 and 645 independence Parkway in Deer Park, Texas, which total 414,000 square feet and 194,610 square feet, respectively; 2103 South Park Road in Louisville, which totals 324,146 square feet; 945 Corporate Blvd. in Chicago, which totals 274,664 square feet; 421-331 Mason Road in La Vergne, Tennessee, which totals 165,828 square feet; and 2270 Litton Lane in Hebron, Kentucky, which totals 165,407 square feet.
Each property was designed on a spec basis to provide flexibility for single/multi-tenant use with market leading specifications including 32’-36’ clear heights, abundant loading, ample car/trailer parking, functional design/office layouts and multiple points of ingress/egress.
“Molto’s portfolio covers primary industrial markets with Houston and Chicago, Heartland e-commerce markets with Louisville and Cincinnati and, with Nashville, one of the fastest growing cities in the U.S.,” Tyler said. “With continued tight market conditions, construction costs rapidly rising and demand outpacing supply in these markets and across the U.S., this portfolio offers strong leasing upside as well as the in-place stability traditionally associated with the industrial sector.”
