Ares Management paid $147 million for a recently completed Miami Lakes warehouse complex, notching the biggest industrial purchase so far this year. It’s also the third time in less than a year that Los Angeles-based Ares dropped nine figures for a South Florida commercial property.
An affiliate of the private equity firm acquired Midway Miami Park, a collection of four new industrial buildings at 9675 Northwest 174th Street in Miami Lakes, records and real estate database Vizzda show.
The seller, an affiliate of Coconut Creek-based Butters Construction & Management and Charleston-based Greystar, paid $32.1 million for the 32-acre site in 2021, records show. The joint venture broke ground on the 505,518-square-foot industrial park a year later and completed the four warehouses this summer, records show.
The complex is 52 percent leased to three tenants, General Components International, GLB Solutions and Logistics Plus, which signed on for an entire building, according to a press release. Butters Realty & Management and Street State Realty are handling leasing.
Ares, led by CEO Michael Arougheti, is among the most active institutional investors in South Florida. In May, the firm completed the largest multifamily family deal of 2024 to date, paying $139.7 million for a 284-unit apartment building in Boca Raton. Ares acquired Ceru, an eight-story project at 5205 Congress Avenue, from Fort Lauderdale-based Mainstreet Capital Partners.
In late December, Ares bought a development site at Countyline Corporate Park in Hialeah for $111.1 million. The company is planning to develop a three-building industrial complex.
With a market capitalization of $45.1 billion, Ares has roughly $428 billion in assets under management, including its commercial real estate portfolio, according to the firm’s website. Ares is also an investor in Major League Soccer franchise Inter Miami CF and Miami Freedom Park, a mixed-use project anchored by a soccer stadium planned on a former golf course owned by the city of Miami. Ares’ partners are Miami billionaire Jorge Mas, his brother Jose Mas and retired international futbol star David Beckham.