Ares Management Acquires Two Miami-Dade County Warehouses From BGRE For $108.7 Million

Ares Management acquired two fully leased warehouses located at 3811 West 108th Street in Hialeah and 13190 Northwest 17th Street in Miami, Florida. The total sale price of the transaction was $108,700,000. The combined square footage of the warehouses is 372,619, translating to a price per square foot of $292.

Summary of transaction details:

• Property Type: Warehouse
• Transaction Amount: $108,700,000
• Acres: 23.0
• Buyer: Julie Solomon & Michael Arougheti - Ares Management
• Seller: Lowell Baron - BGRE
• Square Footage: 372,619
• Market: Hialeah & Miami, FL
• Sale included a 230,147-square-foot distribution center leased to Target and a 142,472-square-foot warehouse leased to LaserShip.

The acquisition involved Julie Solomon and Michael Arougheti representing Ares Management, while Lowell Baron represented BGRE in the transaction. The warehouses, fully leased prior to the acquisition, play a significant role in the operations for their respective tenants, Target and LaserShip, contributing to the logistical framework of Miami-Dade County.