A joint venture between Butters Construction & Management and Greystar has sold the 23.1-acre Miami Midway Park to Denver-based Ares Industrial Management for $147 million. This represents a price of $291 per square foot and is the largest industrial purchase in south Florida so far this year.
Located at 9695 NW 174th St. — just west of where Florida’s Turnpike intersects with Interstate 75 — Miami Midway Park comprises four buildings totaling 505,518 square feet of industrial space. The land on which the complex is built was originally acquired in 2021 for $32.1 million, and construction was completed this summer.
Currently, 52% of the park is leased to three tenants: Logistics Plus occupies a full building of 181,051 square feet, while GLB Solutions and General Components International lease 51,788 and 27,430 square feet, respectively. Butters Realty & Management and Street State Realty are handling leasing.
Ares Industrial Management, led by CEO, Michael Arougheti, is a prominent institutional investor in south Florida. In addition to this industrial park acquisition, Ares recently completed a $139.7 million purchase of a 284-unit apartment building in Boca Raton, Fla. Named Ceru, the eight-story project located at 5205 Congress Ave., was previously owned by Mainstreet Capital Partners.
Finally, Ares also acquired a development site in Hialeah for $111.1 million. It plans to build a three-building industrial complex.
Looking to rent commercial space in Miami or other major U.S. markets? Select any of the markets linked below to view the local listing or visit the CommercialCafe.com home page to start your search!