Ares Pays $147M for Miami-Dade Industrial Complex
By Julia Echikson October 9, 2024 5:03 pm
reprints
Ares Management (ARES) is once again making big inroads in South Florida, buying an industrial complex in Miami-Dade County. The Los Angeles-based investor paid $147 million for a newly built industrial complex, property records show.
Called Miami Midway Park, the 25-acre property houses 505,518 square feet of rentable space across four buildings at 9535 Northwest 174th Street in Hialeah, just west of where Florida’s Turnpike intersects with Interstate 75.
Logistics Plus occupies all 181,051 square feet of one building. Other tenants include GLB Solutions, which is leasing 51,788 square feet, and General Components International, which is leasing 27,430 square feet.
Butters Construction & Management and Greystar completed the property this year, which is 76 percent leased, according to the sellers, who were represented by CBRE.
The deal marks Ares’ latest real estate purchase in South Florida. Last year, the alternative asset manager bought 50 acres of developable industrial land about two miles south of its new property in Hialeah for $111 million.
On the multifamily front, it paid $140 million for a 284-unit property in Boca Raton, making it one of South Florida’s biggest residential deals this year.
Representatives for Ares, Butters did not immediately respond to a request for comment.
Update: The story was updated with leasing details from Greystar.
Julia Echikson can be reached at jechikson@commercialobserver.com.
