Ares bulks up South Florida industrial holdings with $56M Broward buy
Ares Management adds to its South Florida industrial portfolio with the $56 million purchase of Meridian at Weston warehouse.
An affiliate of Los Angeles-based Ares Management, led by Michael Arougheti, has acquired Meridian at Weston, a 230,976-square-foot warehouse located at 3425 Meridian Parkway in the Broward neighborhood of Weston. The purchase, which totaled $56 million, was $23 million more than the previous sale price six years ago, according to records and real estate database Vizzda.
The purchase price equates to roughly $242 per square foot for the facility, a significant increase from the previous sale price of $33 million in 2019. The seller, an affiliate of Boston-based Cabot Properties, purchased the 15.9-acre site in 2019 and completed the building in 1995.
Ares Management, one of the most active real estate investment firms in the country, continues to expand its presence in South Florida's industrial market. The company's focus on industrial properties is in line with the growing demand for warehouse and distribution centers due to the rise of e-commerce.
According to industry experts, the purchase of Meridian at Weston is a strategic move by Ares Management to capitalize on the booming industrial market in South Florida. The region has seen a surge in demand for industrial space, driven by the growth of online retail and logistics companies.
While Ares Management's purchase of Meridian at Weston is a significant investment, it is not the company's first foray into the South Florida industrial market. The firm has also acquired other industrial properties in the region, including a 1 million square foot portfolio in Hialeah and a 400,000 square foot warehouse in Medley.
With its continued investments in South