Ares Management closed on the acquisition of two portfolios consisting of 75 industrial properties totaling 11.9 million square feet. The properties were purchased from two different sellers at an aggregate purchase price of approximately $1.7 billion.

The portfolios represent a mix of Class A and Class B industrial holdings across 16 U.S. markets, including Atlanta, Chicago, Dallas and Southern California, with approximately 80% of the assets located in infill areas.

“Backed by strong fundamentals, including rising demand and solid rental rate growth, we remain committed to expanding our interest in the high conviction industrial sector,” David Fazekas, partner and CIO of industrial for Ares’ real estate group, said. “We continue to focus on further diversifying our holdings in both top-tier coastal markets and high population growth markets that are seeing an increased need for industrial space due to strained supply chains and businesses reconfiguring operations to accommodate the storage of additional inventory.”