Ares Management has picked up two fully leased warehouses in Miami-Dade County for a combined $108.7 million, adding another notch to the Los Angeles-based investment giant's growing string of South Florida industrial buys. The deal covers a Target-occupied distribution center in Hialeah and a smaller facility in Sweetwater leased entirely to parcel carrier LaserShip.
According to Commercial Observer, which cited property records, Ares paid $65.3 million for the 230,147-square-foot distribution center at 3811 West 108th Street in Hialeah and $43.4 million for the 142,472-square-foot warehouse at 13190 Northwest 17th Street in Sweetwater. Both properties were developed and sold by BGRE, formerly known as Brookfield Properties, and were completed between 2022 and 2023, per the same outlet's reporting. Brookfield's real estate arm is led by CEO Lowell Baron, the report notes, though a BGRE representative did not immediately respond to requests for comment on the sale.
Target's Hialeah Sortation Hub Comes With Built-In Renewal Options
The Hialeah property sits on 15 acres between the Florida Turnpike and Interstate 75, and Target is its sole tenant, having signed a 10-year lease there in 2022, the article states. That lease carries two five-year extension options, a detail that could shape how the property is valued down the road. The property's use beyond its lease terms is not specified in the cited reporting.
Roughly 13 miles south, west of the Florida Turnpike near Sweetwater, the smaller warehouse is leased in its entirety to LaserShip, according to Commercial Observer's reporting. An Ares spokesperson declined to comment on the acquisition, the outlet reported.
Ares' Multi-Year Buying Spree Across Miami-Dade
Ares Management, whose real estate division is headed by Julie Solomon, opened an office in Miami Beach in 2024 and has since built a substantial industrial footprint across the county. The firm paid $147 million for the four-building Midway Miami Park in Miami Lakes in October 2024, according to The Real Deal, and also bought a Countyline development site in late December and planned a three-building complex. That park is an 8.5-million-square-foot master-planned industrial hub, and Florida East Coast Industries has sold warehouses there. Property Reserve paid $174.3 million for six warehouses totaling 1.3 million square feet in the park, in a deal Hoodline detailed in January 2024.
The Hialeah and Sweetwater purchases also follow Ares' 2025 acquisitions of a 230,976-square-foot Weston warehouse for $56 million and a 456,219-square-foot Broward County industrial portfolio for $121 million, both cited in Commercial Observer's report. Ares has also invested outside real estate in the Miami market and is an investor in Inter Miami CF and Miami Freedom Park. The firm was reported to manage roughly $428 billion in assets.
What the Numbers Say About Miami-Dade's Industrial Market
The deal lands as Miami-Dade's industrial market shows mixed signals. Vacancy rose to 7.7% in the second quarter of 2026 as developers delivered new speculative warehouse space, according to Colliers data, even as net absorption turned positive at 782,677 square feet. Industrial net asking rents have varied across 2026, rather than holding within a single range.
The transaction fits a broader pattern of institutional capital chasing fully leased, credit-tenant industrial assets across the region. Hoodline has tracked similar activity throughout the year, including Woodhill Real Estate's $32 million purchase of ten East Hialeah warehouses. Whether BGRE's sale signals a broader pullback from South Florida industrial holdings, or how the Target and LaserShip lease extension options might ultimately affect valuations, remains unclear.
