Ares Buys Fully Leased Hialeah, Sweetwater Warehouses for $108.7M

Ares Management has bought two fully leased warehouses in Miami-Dade County from developer BGRE, the firm formerly known as Brookfield Properties, for a combined $108.7 million, adding to the industrial book its Miami Beach office has been building since opening in 2024.

Why it matters

The deal closes right as both buildings hit stabilization, the point at which a fresh delivery has proven out its lease-up and becomes a clean, income-producing asset rather than a construction bet. BGRE developed both properties between 2022 and 2023 and is exiting into a Miami-Dade industrial market where big-box space with credit tenants and long-dated leases still draws institutional capital even as new construction has cooled elsewhere in the county. For developers watching how exit timing works in this cycle, the pattern is straightforward: build, lease to a durable tenant, hold through stabilization, then sell to an investor like Ares that wants the income without the delivery risk. The Miami market continues to reward that sequence in industrial more than in most other property types right now.

The numbers

Ares paid $65.3 million for the building at 3811 W. 108th St. in Hialeah, a 230,147-square-foot warehouse on 15 acres leased entirely to Target under a 10-year lease signed in 2022. It paid $43.4 million for 13190 NW 17th St. in Sweetwater, a 142,472-square-foot building on 8 acres fully leased to LaserShip. Dividing the reported prices by the reported square footage puts the Hialeah building at roughly $283.72 per square foot and the Sweetwater building at roughly $304.62 per square foot, a blended $291.72 per square foot across the 372,619 combined square feet, a figure not published in the reporting on the deal.

What’s next

Watch for Ares to keep adding to its South Florida industrial footprint out of its Miami Beach office, and for whether BGRE recycles the sale proceeds into new Miami-Dade industrial development now that both projects are off its books. Target’s and LaserShip’s leases run well into the 2030s, so the near-term test for Ares is asset management rather than lease-up risk.