Ares Management (ARES)-backed Capital Automotive completed the acquisition of its joint venture partner's 90.01% stake in the 49-property MTI Portfolio, restoring full ownership, the company said Tuesday.

The portfolio includes about 2.3 million square feet of triple-net-leased automotive retail properties across 20 states, diversified across brands and tenant groups, including import and luxury franchises, the company said.

Capital Automotive said tenants should see no changes to day-to-day operations following the transaction.

Financial terms were not disclosed.

Ares Management shares were down 5.2% in premarket activity.