Capital Automotive L.P. has completed the acquisition of its joint venture partner's 90.01% interest in the MTI Portfolio, a collection of 49 automotive retail real estate properties, according to a press release.

The transaction restores full ownership of the portfolio to Capital Automotive, a portfolio company of Ares Management Corporation (NYSE: ARES) alternative credit and real estate funds. The joint venture interest had been sold in 2020, and Ares acquired Capital Automotive in 2022.

The MTI Portfolio consists of 49 triple net leased automotive retail properties totaling approximately 2.3 million square feet across 20 states. The portfolio's largest concentrations are in the Southeast, Midwest, and Mid-Atlantic regions, and includes import and luxury franchises across multiple tenant groups.

Roger Stattel, Chief Executive Officer of Capital Automotive, said the company is "pleased to bring these assets back under our full ownership, which allows us to completely oversee the asset management, financing and long-term strategy for this leading portfolio."

Capital Automotive managed the properties throughout the joint venture period. The company said tenants and dealer partners should expect no change in day-to-day operations as a result of the transaction.

Latham & Watkins LLP served as legal counsel to Capital Automotive on the transaction.