A California-based global investor is adding to its Dallas-Fort Worth real estate holdings with the purchase of an industrial property north of Fort Worth.
Ares Industrial Real Estate Trust bought the Speedway Trade Center building at 16200 Three Wide Drive in Fort Worth. Built in 2018, the more than 318,000-square-foot warehouse and distribution building is near the Texas Motor Speedway off State Highway 114.
Ares Industrial acquired the building from Atlanta-based developer Industrial Development International, deed records show.
Last summer, Ares Management expanded its industrial real estate business with the purchase of Denver-based Black Creek Group. Black Creek at the time of sale had more than $11.6 billion in properties, including multiple industrial sites in North Texas.
Along with the Speedway Trade Center building purchase, Ares Industrial recently made a development agreement with developer Scannell Properties for a 118-acre business park in Northlake, north of Fort Worth.
Ares Management is a more than 20-year-old investment firm with more than $325 billion in assets.
The D-FW area is the country’s top industrial building market with more than 57 million square feet of warehouse space under development. And the North Fort Worth market has one of the largest concentrations of construction, with 10 million square feet being built.