Ares Management added a Broward warehouse to its South Florida industrial portfolio.
An affiliate of Los Angeles-based Ares, led by Michael Arougheti, paid $56 million for Meridian at Weston, a 230,976-square-foot warehouse at 3425 Meridian Parkway in Weston, records and real estate database Vizzda show.
The buyer paid roughly $242 a square foot for the facility. Ares’ purchase was also $23 million above the previous sale price six years ago.
The seller, an affiliate of Boston-based Cabot Properties, paid $33 million for the 15.9-acre site in 2019, records show. The building was completed in 1995.
Ares is among the most active institutional investors for South Florida industrial properties. In May, a trust affiliated with Ares acquired the former Miami Herald headquarters in Doral for $25.9 million.
The seller of that property, Atlanta-based Panattoni Development, had begun demolishing the office building on the 9-acre site, but abandoned plans to redevelop the property into two warehouses spanning 153,653 square feet with 171 parking spaces. Ares paid $4 million less than Panattoni’s purchase price last year.
In October, Ares dropped $147 million for Midway Miami Park, a warehouse complex in Miami Lakes made up of four warehouses. The transaction was the fourth largest industrial deal in South Florida for 2024.
Ares is also partnering with Miami billionaire Jorge Mas and retired soccer star David Beckham to develop the $1 billion Miami Freedom Park, a massive mixed-use project in Miami, anchored by a new 25,000-seat home for Inter Miami Major League Soccer franchise. In April, the partnership scored a $450 million construction loan for the soccer stadium, which is nearly completed.
Also this year, Ares teamed up with Monarch Alternative Capital to provide a $413 million loan for One Twenty Brickell Residences, a planned two-tower Miami condominium with 803 units to be developed by PMG.
