Ares Management has reportedly acquired two fully-let warehouses in Miami-Dade County from BGRE for a total of US$108.7 million. The transactions highlight ongoing interest in logistics real estate in the region. The properties were developed by BGRE, formerly Brookfield Properties, and completed between 2022 and 2023.
The larger of the two acquisitions concerns a 230,147 square foot distribution centre on a 15-acre plot at 3811 West 108th Street in Hialeah. The Los Angeles-based asset manager paid US$65.3 million for this property. It is strategically located between the Florida Turnpike and Interstate 75. National retailer Target is the sole tenant of this distribution centre, having signed a 10-year lease with two five-year extension options in 2022.
Expanding presence in South Florida
The second property acquired is a 142,472 square foot warehouse on an 8-acre plot at 13190 Northwest 17th Street, approximately 13 miles south and west of the Florida Turnpike, near Sweetwater. US$43.4 million was paid for this property. LaserShip, an e-commerce parcel delivery provider, leases the entire space.
Since opening an office in Miami Beach in 2024, Ares Management has consistently intensified its activities in the South Florida industrial market. These latest acquisitions are part of a series of significant investments the company has made in the region. Ares Management declined to comment on the transactions, while a BGRE representative did not immediately respond to enquiries.
Previous investments in the region
- —Acquisition of a 230,976 square foot warehouse in Weston for US$56 million last year.
- —Purchase of an industrial portfolio in Broward County, comprising 456,219 square feet, for US$121 million last year.
