Ares Management made a $62 million double play in South Florida’s industrial market, picking up a pair of Hialeah warehouses under construction.
An affiliate of the Los Angeles-based global alternative investment manager paid $37 million for a 9.6-acre site at 410 West 104th Street, and $25 million for an adjacent 10.2-acre parcel, according to records. The seller, an affiliate of Florida East Coast Industries, or FECI, recently began building two warehouses consisting of 214,907-square-feet, each, on the two lots. The property is within the master-planned 95-acre Countyline Corporate Park.
For six months, FECI has sold significant chunks of Countyline Corporate Park to institutional investors. In February, Terreno Realty bought two newly built, fully leased warehouses at Countyline Corporate Park for a combined $73.2 million. The buildings total 407,000 square feet on 19.8 acres. A month earlier, Oakbrook, Illinois-based CenterPoint Properties Trust paid $184.4 million for two warehouses and land in the industrial business park.
Miami-Dade’s industrial market shows no signs of slowing down, despite a dwindling supply of developable land. The county’s vacancy rate fell to 2.6 percent in the first quarter, compared to 6 percent in the same period of last year, according to a JLL report. Average asking rents catapulted by 52.8 percent to $11.61 a square foot, compared to $7.60 a square foot in the first quarter of 2021.
Ares, led by co-founder, President and CEO Michael Arougheti, has roughly $262 billion of global assets under management, according to the firm’s website. Last year, Ares made a $150 million preferred equity investment in Inter Miami CF, the Major League Soccer team and the venture that plans to develop a major mixed-use soccer complex in Miami.
In May, Arougheti paid $31.5 million for a waterfront mansion on Miami Beach’s Sunset Islands. Tampa Bay Rays co-owner Randy Frankel and his wife sold the house to Arougheti.
Source: The Real Deal