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Ares buys two Miami-Dade warehouses totaling $108.7M

The larger Hialeah distribution center is fully occupied by Target under a 10-year lease signed in 2022.

Reported · Written up by our desk · Industry

Ares Management has acquired two fully leased warehouses in Miami-Dade County from BGRE for a combined $108.7 million, property records reviewed by Commercial Observer show.

In the larger deal, Ares paid $65.3 million for a 230,147-square-foot, 15-acre distribution center at 3811 West 108th Street in Hialeah. Target is the sole tenant, after signing a 10-year lease in 2022 with two five-year extension options, according to county records.

Ares also bought a second warehouse at 13190 Northwest 17th Street for $43.4 million, a 142,472-square-foot property on an 8-acre site about 13 miles south. Commercial Observer reports that LaserShip has leased the entire building.

Commercial Observer adds that BGRE developed both facilities, completing them between 2022 and 2023. Ares declined to comment, and BGRE did not immediately respond to requests for comment.

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