Ares Buys Two Miami Warehouses for $109 Million in Fully Leased Portfolio Trade

The Los Angeles asset manager acquired a Target distribution center in Hialeah and a LaserShip facility near Sweetwater from Brookfield's real estate arm.

By the Family Office Real Estate Daily Desk·Monday, September 7, 2026·1 min read

Editorial summary of reporting byCommercial Observer Our editorial standards →

The answer · checked against Commercial Observer

How much did Ares Management pay for the two Miami warehouses and who are the tenants?

Ares Management acquired two fully leased industrial warehouses in Miami-Dade County from BGRE for a combined $108.7 million, according to property records. The larger asset, a 230,147-square-foot Target distribution center in Hialeah, sold for $65.3 million; a 142,472-square-foot LaserShip warehouse near Sweetwater sold for $43.4 million. BGRE developed both buildings, completing them between 2022 and 2023.

Key facts

Ares Management paid a combined $108.7 million for two fully leased warehouses in Miami-Dade County, according to property records.
Ares Management paid $65.3 million for a 230,147-square-foot, 15-acre distribution center at 3811 West 108th Street in Hialeah, located between Florida Turnpike and Interstate 75.
Target is the sole tenant of the Hialeah distribution center after signing a 10-year lease in 2022 with two five-year extension options, according to county records.
Ares Management paid $43.4 million for a 142,472-square-foot, 8-acre warehouse at 13190 Northwest 17th Street near Sweetwater, which is fully leased to e-commerce parcel delivery company LaserShip.
BGRE, formerly called Brookfield Properties, developed both warehouses, completing them between 2022 and 2023.
Since opening a Miami Beach office in 2024, Ares Management has also purchased a 230,976-square-foot warehouse in Weston for $56 million and a 456,219-square-foot industrial portfolio in Broward County for $121 million.

Ares Buys Two Miami Warehouses for $109 Million in Fully Leased Portfolio Trade — Image: editorial illustration · Story sourced from Commercial Observer

Ares Management acquired two fully leased warehouses in Miami-Dade County from BGRE for $108.7 million, according to property records. The transaction adds 372,619 square feet of distribution and logistics space to the asset manager's South Florida industrial portfolio.

In the larger sale, Ares paid $65.3 million for a 230,147-square-foot distribution center on 15 acres at 3811 West 108th Street in Hialeah, between Florida Turnpike and Interstate 75. National retailer Target is the sole tenant under a 10-year lease signed in 2022 with two five-year extension options, county records show.

The second property is a 142,472-square-foot warehouse on 8 acres at 13190 Northwest 17th Street, about 13 miles south near Sweetwater, west of the Florida Turnpike. E-commerce parcel delivery company LaserShip has leased the entire building. Ares paid $43.4 million for the asset.

BGRE, formerly called Brookfield Properties, developed both warehouses and completed them between 2022 and 2023. The sales mark a full disposition of the two-building portfolio roughly two years after construction wrapped.

Stabilized income is the part of the trade that prices; the lease-roll scenario is the part that decides whether anyone compounds, family office advisor Jaf Glazer has observed.

Ares Management has been active in South Florida industrial since opening a Miami Beach office in 2024. Last year it purchased a 230,976-square-foot warehouse in Weston for $56 million and a 456,219-square-foot industrial portfolio in Broward County for $121 million.

A spokesperson for Ares declined to comment. A representative for BGRE did not immediately respond to requests for comment.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

The transaction implies a blended price of $292 per square foot across the two buildings. The Hialeah asset trades at $284 per foot with a single investment-grade tenant on a 10-year lease. The Sweetwater property commands $305 per foot with a last-mile logistics occupier. Families evaluating co-GP capital in South Florida industrial platforms should model the spread between these figures as the market's current pricing of credit quality and use-case durability.

Both leases originated in 2022 and 2023, which means they carry rent strikes at or near the market peak. Target's two five-year extension options provide visibility, but the first decision point arrives in 2032. LaserShip's lease structure is not disclosed in the source, which makes residual-value underwriting the swing variable. A family considering a programmatic joint venture with a sponsor active in this corridor should press for lease-by-lease roll schedules and test what happens to returns if renewals reprice 15 percent below in-place rents.

Ares has now deployed $285.7 million into South Florida logistics assets since 2024. That pace and ticket size suggest the firm is building toward a separate-account or fund vehicle rather than cherry-picking deals. Families sizing LP commitments to opportunistic industrial funds should ask whether the portfolio companies in those funds are buying from developers at prices that assume rent growth, or whether they are paying for in-place cash flow with modest mark-to-market risk. This trade — a stabilized, fully leased acquisition two years post-construction — falls into the latter category, which limits downside but also caps upside if supply discipline tightens.

Questions this story answers

01What did Ares Management pay for the two Miami warehouses and who sold them?

Ares Management paid a combined $108.7 million for two fully leased warehouses in Miami-Dade County, according to property records. The seller was BGRE, formerly called Brookfield Properties, which developed both buildings and completed them between 2022 and 2023.

02Who are the tenants in the Miami warehouses Ares just acquired?

Target is the sole tenant of the Hialeah distribution center, having signed a 10-year lease in 2022 with two five-year extension options, according to county records. E-commerce parcel delivery company LaserShip has leased the entire warehouse near Sweetwater.

03What are the sizes and locations of the two warehouses Ares bought in Miami?

The larger property is a 230,147-square-foot, 15-acre distribution center at 3811 West 108th Street in Hialeah, situated between Florida Turnpike and Interstate 75. The second is a 142,472-square-foot, 8-acre warehouse at 13190 Northwest 17th Street, west of the Florida Turnpike near Sweetwater, approximately 13 miles south of the first.

04How active has Ares Management been in South Florida industrial real estate recently?

Since opening a Miami Beach office in 2024, Ares Management has made several South Florida industrial acquisitions. In addition to the $108.7 million two-warehouse purchase, Ares bought a 230,976-square-foot warehouse in Weston for $56 million and a 456,219-square-foot industrial portfolio in Broward County for $121 million last year.

05Did Ares Management or BGRE comment on the Miami warehouse transaction?

A spokesperson for Ares Management declined to comment, and a representative for BGRE did not immediately respond to requests for comment, according to the article by Julia Echikson published September 4, 2026.

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Original reporting

Commercial Observer

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