Industrial property

North Fort Worth industrial property returns to global investor

A California-based global investor is bolstering its Dallas-Fort Worth real estate holdings with the purchase of industrial property north of Fort Worth.

Ares Industrial Real Estate Trust has purchased the Speedway Trade Center building at 16200 Three Wide Drive in Fort Worth. Built in 2018, the 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, according to deed documents.

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 the sale owned more than $11.6 billion in properties, including several industrial sites in North Texas.

Along with the purchase of the Speedway Trade Center building, Ares Industrial recently entered into a development agreement with developer Scannell Properties for a 118-acre business park in Northlake, north of Fort Worth.

Ares Management is a 20+ year old investment firm with over $325 billion in assets.

The D-FW area is the nation’s premier industrial construction market with over 57 million square feet of warehouse space under development. And the North Fort Worth market has one of the largest construction concentrations, with 10 million square feet under construction.