Ares Management has expanded its industrial real estate holdings in South Florida with the acquisition of a Broward County warehouse. The Los Angeles-based investment firm, led by Michael Arougheti, purchased Meridian at Weston, a 230,976-square-foot facility located at 3425 Meridian Parkway in Weston, for $56 million. This translates to approximately $242 per square foot.
The previous owner, an affiliate of Cabot Properties from Boston, bought the 15.9-acre site for $33 million in 2019. The warehouse was originally built in 1995.
Ares has been active in acquiring industrial properties across South Florida. In May, an Ares-affiliated trust bought the former Miami Herald headquarters in Doral for $25.9 million. Panattoni Development, based in Atlanta and the seller of that property, had started demolishing the office building but halted plans to redevelop it into two warehouses totaling over 153,000 square feet and 171 parking spaces. Ares acquired this property for $4 million less than what Panattoni paid a year earlier.
In another significant transaction last October, Ares paid $147 million for Midway Miami Park—a complex consisting of four warehouses in Miami Lakes—making it one of the largest industrial deals in South Florida during 2024.
Beyond warehouse acquisitions, Ares is collaborating with Miami billionaire Jorge Mas and retired soccer player David Beckham on the development of Miami Freedom Park. The project includes a new stadium with seating for 25,000 fans as the future home of Inter Miami Major League Soccer team and is valued at around $1 billion. In April, this partnership secured a $450 million construction loan as work on the stadium nears completion.
Additionally this year, Ares partnered with Monarch Alternative Capital to issue a $413 million loan supporting One Twenty Brickell Residences—a planned condominium project featuring two towers and 803 units to be developed by PMG.
“Ares is among the most active institutional investors for South Florida industrial properties,” according to records and Vizzda database.
