Ares Management picked up a self-storage facility in Kendall for $20 million.
An affiliate of Los Angeles-based Ares acquired a two-story building at 19301 West Dixie Highway, records and Vizzda show. The deal breaks down to $176 per square foot.
Sitting on 2 acres, the 100,588-square-foot facility was completed in 2019 and is currently leased to Storage King.
The seller, an affiliate of Hallandale Beach-based Snapbox Self Storage, paid $18 million for the property in 2021, records show.
Tenant demand in South Florida’s multifamily market has also fueled demand for self-storage space, according to a recent RentCafe report. In the last 10 years, South Florida added 9.1 million square feet of new self-storage space, the seventh highest amount in the country. In the past 12 months, self-storage rent increased to $176 per month for a standard 10-foot-by-10-foot unit, representing a 6 percent increase, year-over-year, the report shows.
In September, Strategic Storage Growth Trust III paid $19.5 million for a recently completed self-storage facility in Tamarac. In February, Albuquerque-based DXD Capital broke ground on an $18.7 million self-storage facility in Miami.
Led by Antony Ressler and Michael Arougheti, Ares is an alternative investment firm with $341 billion in assets, including a nationwide real estate portfolio, according to its website. The firm’s industrial properties span 241 buildings with a total asset value of $8.9 billion.
In February, Ares acquired the recently completed Boca Logistics Center in Boca Raton for $27.8 million. The property consists of two warehouses spanning 119,000 square feet. The previous month, Ares paid $111.1 million for a 52-acre development site at Countyline Corporate Park in Hialeah. The firm is planning to develop a three-building industrial complex.
Last year, Ares purchased a pair of Hialeah warehouses from Florida East Coast Industries for $62 million. The facilities are also within Countyline Corporate Park.