Ares Management Pays $62M for 2 Miami Industrial Assets
These buildings will come online in an 8.5 million-square-foot corporate park.
Ares Management Real Estate has acquired Building 18 and Building 22, two industrial facilities under construction within Countyline Corporate Park in Hialeah, Fla., for a combined $62 million, according to Miami-Dade County records.
The 360,845-square-foot Building 18 traded for $37 million, while the 213,907-square-foot Building 22 changed hands for $25 million, public records show. JLL negotiated on behalf of the seller, Flagler Global Logistics, a subsidiary of Florida East Coast Industries LLC.
This is the most recent deal involving Countyline Corporate Park components. In the last two years, Flagler has sold five of the campus’ warehouses to Terreno Realty; two other facilities, fully leased by Home Depot, were purchased by CenterPoint Properties.
Ares Management has been active in other markets as well. In January, the alternative investment manager teamed up with Westmount Realty Capital for the recapitalization and acquisition of a 51-property industrial portfolio totaling 6.1 million square feet throughout the Greater Chicago area and the Milwaukee market.
Class A facilities north of Miami
Upon their respective completions, in the second quarter of 2023 and the second half of 2022, the two Class A industrial assets will be part of Countyline Corporate Park, an 8.5 million-square-foot, master-planned business campus developed by Flagler. Building 18 is taking shape as a build-to-suit cold storage facility, while Building 22 is planned to have a rear-load configuration and 32-foot clear heights.
Located on West 108th Street, the assets will be less than 3 miles west of Interstate 75, providing easy access into Miami, Fort Myers, Tampa, Gainesville and other Florida cities. The Miami-Opa Locka Executive Airport will also be some 9 miles east of the properties.
JLL Managing Director Luis Castillo, Senior Managing Director John Huguenard and Director Cody Brais led the Industrial Capital Markets Investment Sales and Advisory team that represented the seller in the transaction.