Ares Management has expanded its industrial real estate holdings in South Florida with the acquisition of a warehouse in Broward County. The Los Angeles-based investment firm, led by Michael Arougheti, purchased Meridian at Weston for $56 million. The property is a 230,976-square-foot warehouse located at 3425 Meridian Parkway in Weston.
The purchase price equates to about $242 per square foot and represents a significant increase from the previous sale price six years ago. Records indicate that the seller, an affiliate of Cabot Properties based in Boston, acquired the 15.9-acre site for $33 million in 2019. The warehouse was originally completed in 1995.
Ares Management has been one of the most active institutional investors in South Florida’s industrial sector recently. In May, an Ares-affiliated trust bought the former Miami Herald headquarters site in Doral for $25.9 million. That property had previously been owned by Panattoni Development of Atlanta, which had started demolition but halted plans to redevelop it into two warehouses totaling over 153,000 square feet and including 171 parking spaces. Ares paid $4 million less than what Panattoni paid for the site last year.
In another major transaction last October, Ares acquired Midway Miami Park—a complex consisting of four warehouses—for $147 million. This deal ranked as the fourth largest industrial real estate transaction in South Florida during 2024.
Beyond industrial properties, Ares is involved with other high-profile projects in Miami. The company is partnering with Jorge Mas and David Beckham on Miami Freedom Park, a large mixed-use development anchored by a new stadium for Inter Miami Major League Soccer team. In April, this partnership secured a $450 million construction loan as work on the nearly finished stadium continued.
Additionally this year, Ares joined Monarch Alternative Capital to provide a $413 million loan for One Twenty Brickell Residences—a planned condominium project featuring two towers and 803 units to be developed by PMG.
