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Ares Acquires Industrial Complex Leased by SpaceX for $115M

Ares Management, based in Los Angeles, has acquired a two-building industrial complex for $115.2 million. The property includes a facility leased by SpaceX on the Eastside and is part of the LogistiCenter at Woodinville.

Earlier this year, SpaceX’s Starlink division signed a lease for 197,500 square feet within the complex. The 490,000-square-foot industrial center is also home to other tenants, including TW Metals and United Healthcare, according to the Puget Sound Business Journal. Andy Miller and Zach Vall-Spinosa of Kidder Mathews represented the seller in the transaction.

The complex was previously owned by Link Logistics, a New York-based Blackstone portfolio company. Link acquired the site in 2019 for $63.3 million from Dermody, the Reno-based developer who completed the project in 2018.

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