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Ares Real Estate Group and Specht Development Inc. have jointly acquired 62 acres of industrial property in Milwaukie for $48.5 million, they announced Wednesday.

The 992,190-square-foot property includes a warehouse, distribution and manufacturing space, freezer and cooler space, and excess trailer storage, according to a press release. A separate, 48,000-square-foot office building also sits on the parcel.

The property, on Southeast Lake Road, currently serves as a distribution center for the Supervalu grocery wholesaler and retail chain. Supervalu will continue to use the facility until the end of the company’s lease, the press release stated.

When the lease expires, the new owners plan to upgrade the property by installing new roofing and dock doors, performing structural improvements and more.

鈥淭he investment makes sense for many reasons,鈥� Specht Development CEO Greg Specht stated in the press release. 鈥淏oth our acquisition costs and our expected renovation costs will allow for extremely competitive rental rates to be offered to future tenants. General industrial market vacancy rates, combined with historically low vacancy in the Clackamas and Milwaukie area, bode well for this property’s future absorption.鈥�

Ares Real Estate Group partner Jay Glauback added, 鈥淭his acquisition fits the Ares Real Estate Group’s longstanding investment strategy of identifying high-quality, infill properties in need of substantial repositioning and improvement.鈥�

ACORE Capital, a large commercial real estate finance company, originated the acquisition loan, while JLL served as capital markets broker.

Ares Management LP is a publicly traded, global alternative asset manager with approximately聽$125 billion of assets under management and 18 offices in the United States,聽Europe, Asia and Australia.