HOUSTON – (Realty News Report) – Molto Industrial Properties sold a 1.5 million-SF portfolio located in Houston and four other cities, according to Cushman & Wakefield.
A fund managed by a subsidiary of Ares Management Corp. bought the six-building industrial portfolio from Molto.
Houston properties in the portfolio include: 625 and 645 Independence Parkway in Deer Park, which total 414,000 SF and 194,610 SF.
Cushman & Wakefield’s Adam Tyler, Jim Carpenter and Mike Tenteris represented Chicago-based Molto Industrial Properties in the transaction.
“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.”
Molto’s Central U.S. Portfolio is 94 percent leased to nine tenants. Other properties in the portfolio include: 2103 South Park Road in Louisville, which totals 324,146 SF; 945 Corporate Blvd. in Chicago, which totals 274,664 SF; a project on Mason Road in La Vergne, Tennessee, which totals 165,828 SF; and 2270 Litton Lane in Hebron, Kentucky, which totals 165,407 SF. Each property was designed on a spec basis to provide flexibility for single/multi-tenant use.
The buyer is affiliated with of Ares Management Corp., which acquired Black Creek Group’s U.S. real estate investment advisory and distribution business in July.
In March, Transwestern Real Estate Services and Molto Properties announced the groundbreaking of West Gulf Bank Distribution Center, a 115,642-SF 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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File: Molto Sells Six Warehouses. Deer Park.
File: Cushman & Wakefield. Molto Sells Six Warehouses in Houston, Chicago, Louisville, Cincinnati and Nashville. Spec construction.