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Ares Industrial Management Buys New 4-Building Warehousing Complex in Miami for $147 Million

| Commercial Real Estate News, Deals, Featured, Industrial| Views: 0

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.

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