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Highlights
Ares Management acquired an Amazon-leased distribution center in Joliet from Blackstone this month. The property's value is likely more than the $49 million price tag, as Ares already held a limited interest.
The Joliet distribution center was previously owned by GLP Capital Partners, which sold a controlling interest in the property to Blackstone in 2019 for $41 million. Ares acquired GLP’s operations outside of China in 2025.
This purchase is part of Ares's consistent strategy of acquiring large industrial properties in Chicagoland and other major markets, which is occurring as the Chicago suburbs' industrial investment market shows signs of stabilizing after volatility during and just after the pandemic.