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An Ares Management Real Estate fund has obtained a $475 million CMBS loan backed by a 4.8 million-square-foot, 25-building industrial portfolio spanning 12 states. Cushman & Wakefield arranged the floating-rate, single-borrower financing provided by a syndicate led by J.P. Morgan, with Morgan Stanley and Natixis Corporate & Investment Banking as joint bookrunners.

Ares Industrial Management is the portfolio manager. The buildings, located in 16 key growth markets, were 97 percent leased at the time of closing.

The portfolio includes a mix of Class A and B bulk warehouses and light industrial properties. The most notable assets are two facilities in the San Francisco Bay Area totaling 518,300 square feet, three buildings in Southern California spanning 344,700 square feet and five properties in Houston totaling 693,900 square feet.