Colony Capital sells off another massive warehouse

Ares Management bought the 637K sf property, and follows Colony’s massive industrial portfolio sale to Blackstone

Dec.December 18, 2019 02:00 PM
Colony Capital CEO Tom Barrack, CEO of Ares Management Antony Ressler and the Mount Prospect warehouse (Credit: Getty Images and Google Maps)

Colony Capital CEO Tom Barrack, Ares Management co-founder and executive chairman Antony Ressler and the Mount Prospect warehouse (Credit: Getty Images and Google Maps)

Colony Capital sold a 637,000-square-foot warehouse in northwest suburban Mount Prospect, as Tom Barrack’s firm continues to shed its traditional real estate holdings in favor of digital infrastructure.

Ares Management paid $42.3 million for the property at 1800 W. Central Road, records show. Tenants include Dremel DigiLab, Robert Bosch Tool Corporation, Skilsaw and Vermont American.

Los Angeles-based Colony bought the property in 2008, paying $2.5 million for it. The warehouse was built in 1957 and is on 40 acres of land.

In late September, Colony sold a national warehouse portfolio to Blackstone for $5.9 billion. The portfolio included a total of 465 warehouses and 60 million square feet in 26 markets. The deal came after Colony acquired digital infrastructure investment firm Digital Bridge Holdings. As part of the deal, Barrack said he would step down as CEO in 2021.

Last year, Ares closed its $1 billion real estate fund that targets industrial, multifamily and office properties across the country. It was unclear whether the Mount Prospect property was acquired as part of the fund.

Ares and Colony could not be reached for comment.

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