Ares Management acquired two fully leased Miami-Dade warehouses from BGRE for a combined $108.7 million. Together they run 372,619 square feet across 23 acres, at a blended $291.72 per square foot.
The larger asset, 3811 West 108th Street in Hialeah, traded at $65.3 million for 230,147 square feet on 15 acres — $283.73 per square foot and $4.35 million per acre. It sits between the Florida Turnpike and Interstate 75. Target is sole tenant on a 10-year lease signed in 2022 with two five-year extension options, leaving roughly six years of base term.
The smaller asset, 13190 Northwest 17th Street near Sweetwater, traded at $43.4 million for 142,472 square feet on 8 acres — $304.62 per square foot and $5.43 million per acre. LaserShip occupies the entire building.
The smaller building priced 7.4% higher per square foot than the larger one. That inverts the usual bulk discount and says pricing is driven by last-mile position and tenant credit, not size.
Target on a national-credit lease with two extension options is close to a bond. LaserShip in a single-tenant parcel hub is the opposite — a credit that lives or dies on parcel volumes and on whether Amazon insources routes it currently outsources. Ares priced the LaserShip box higher per foot anyway, which means it is underwriting the dirt, not the covenant.
Site coverage runs 35.2% in Hialeah and 40.9% near Sweetwater. In a land-constrained county that is optionality: trailer storage, yard expansion, eventual redevelopment.
Implication: Miami-Dade single-tenant industrial is still clearing near $300 per square foot with prices fully disclosed, while office in two other metros closed the same week with terms sealed. That gap is a confidence readout, not an accounting one.
Note: BGRE's ownership structure was not confirmed in the primary reporting. No cap rates were disclosed.
Key Takeaways
- Ares paid more per foot for the weaker tenant, which tells you the trade was for the land
- The smaller box priced 7.4% higher per square foot, inverting the usual bulk discount
- Miami-Dade single-tenant industrial still prints exact prices while office in two other metros went dark the same week
Commercial Observer, "Ares Buys Two Fully Leased Miami Warehouses for $109M," September 2026 · Commercial Real Estate Direct, "Ares Buys 2 Warehouses in Miami for $108.7Mln," September 4, 2026 · CRE360 analysis: blended and asset-level per-square-foot pricing, per-acre land basis and site coverage derived from reported figures
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