GlobeNewswire Inc | Nov 3, 2021 06:30AM EDT

November 03, 2021

DALLAS, Nov. 03, 2021 (GLOBE NEWSWIRE) -- A fund managed by a subsidiary of Ares Management Corporation (NYSE: ARES) (Ares), which acquired Black Creek Groups U.S. real estate investment advisory and distribution business on July 1, 2021, announced today it has begun construction on Turnpike North Logistics Center in Dallas, TX. The industrial development is situated at Singleton Blvd & Weir St. and will feature two buildings totaling 636,000 square feet. The fund acquired the 35.9-acre land parcel in 2020 and anticipates construction of both Class A warehouses to be completed in Q4 2022.

We have been an active developer in the Dallas market for some time, completing 570,000 square feet of industrial projects over the last year, and are thrilled to be breaking ground on Turnpike North Logistics Center, said Dustin Collins, Vice President in the Ares Real Estate Group. We believe this project is a great opportunity to deliver quality infill product in a constrained area.

Both buildings will be 318,000 square feet and will feature 36 clear heights, 54 dock doors, 236 car parking spaces and 67 trailer parking spaces. Talley Riggins Construction Group is the general contractor on the project.

Both buildings are being actively marketed for pre-lease, please contact Nathan Lawrence at 214-979-6558 or Stephen Koldyke at 214-979-6381 or Krista Raymond at 214-979-6501.

About Ares Management Corporation

Black Creek Group, a leading real estate investment management firm, was acquired by a subsidiary of Ares Management Corporation on July 1, 2021. Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2021, Ares Management Corporation's global platform had approximately $282 billion of assets under management, with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com and www.blackcreekgroup.com.

Contacts:

Ares Management Corporation

Carl Drake, 888-818-5298cdrake@aresmgmt.comor Briana Ochiltree, 720-728-3109briana.ochiltree@blackcreekgroup.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/44da815e-57c4-44ea-bcaf-d0c57f846957