Ares Management Corporation has offloaded an industrial facility in the San Gabriel Valley four years after purchasing the property with hardly any price appreciation. The Los Angeles-based investment firm sold a 173,100-square-foot building at 5102 Industry Avenue in Pico Rivera for $63.8 million, Commercial Search reported. Robertson Properties Group bought the property for approximately $368 per square foot. Ares acquired the building in October 2021 in a $63.1 million sale-leaseback deal from Howard’s Appliance, TV & Mattress Outlet. The facility is part of the 27-acre Pacific Gateway Business Park, which totals 550,000 square feet across two properties. The distribution center […]
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