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Two Warehouses Under Construction Fetch $62 Million

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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