From still left: Ares Management’s co-founders Antony Ressler and Michael Arougheti together with an aerial watch of Ares’ freshly-obtained 52 acres of land on the northwest corner of Northwest 154th Avenue and West 40th Avenue in Hialeah (Getty, Vizzda)
Ares Administration paid out $111.1 million for a Countyline Corporate Park growth web page in Hialeah, with options for a a few-developing industrial sophisticated.
Some of the space could now be earmarked for possible tenants, filings present.
Ares, as a result of its Ares Industrial Genuine Estate Money Have faith in, acquired 52 acres of land on the northwest corner of Northwest 154th Avenue and West 40th Avenue from Florida East Coastline Industries, according to information and genuine estate databases Vizzda. The residence is at 4010 West 104th Street.
Miami-centered FECI has been creating Countyline Corporate Park, but also marketing chunks of buildable land.
Ares strategies to acquire Properties 19 and 20, just about every spanning 214,000 square ft and Constructing 21, planned for practically 193,000 square ft, according to notices of commencement filed to Miami-Dade County this week.
It also designs to make more compact office environment and warehouse spaces, ranging from about 21,000 sq. ft to 57,000 sq. ft. Records filed by Ares listing names of logistics, manufacturing, wholesale and other organizations that show up to be probable tenants. The corporations involve Mitsubishi Logistics America, countertop retail store Terry Stone, wholesaler Z&S Tires, food items wholesale distributor Allied DBD, tire maker Zafco International and others.
Ares declined to comment on no matter if these are probable tenants.
This isn’t the Los Angeles-based firm’s 1st invest in at Countyline Corporate Park. In June, Ares Profits REIT paid $62 million for the property at 410 West 104th Street and an adjacent parcel in which FECI experienced presently begun building of a pair of warehouses totaling nearly 215,000 sq. feet.
Ares Management is also betting on soccer in South Florida. In 2021, it manufactured a $150 million favored equity investment in David Beckham’s Significant League Soccer team Inter Miami CF.
All round, Ares Management has a portfolio of $341 billion of property below administration across industries this sort of as true estate, infrastructure and personal equity, according to its web site. The organization was founded in 1997 by Michael Arougheti and Antony Ressler. Ares Industrial REIT’s portfolio spans 241 buildings with a overall asset benefit of $8.9 billion as of September, its web page displays.
South Florida’s industrial industry has been booming, and was supercharged in modern a long time as the pandemic turned many individuals to e-commerce.
In the 3rd quarter of very last 12 months, Miami-Dade County’s normal industrial inquiring lease hit $14.35 a square foot, up from $8.84 a square foot in the course of the very same time period of the prior 12 months, according to JLL. The vacancy amount dropped to an all-time small of 1.8 per cent.
