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, a 230,976-square-foot facility located at 3425 Meridian Parkway in Weston. According to public records and data from Vizzda, the purchase price was $56 million, or approximately $242 per square foot.
The seller was an affiliate of Cabot Properties from Boston, which had bought the 15.9-acre site for $33 million in 2019. The warehouse itself was built in 1995. This latest sale represents a significant increase over the previous transaction six years ago.
Ares has been active in South Florida’s industrial property market. In May, a trust linked to Ares acquired the former Miami Herald headquarters site in Doral for $25.9 million. Panattoni Development of Atlanta had previously started demolishing the office building on that nine-acre parcel but did not move forward with redevelopment plans for two warehouses totaling more than 153,000 square feet and 171 parking spaces. Ares purchased this site for $4 million less than what Panattoni paid the prior year.
Last October, Ares made another major purchase with its $147 million acquisition of Midway Miami Park, a complex comprising four warehouses in Miami Lakes. That deal ranked as the fourth largest industrial property transaction in South Florida for 2024.
Beyond these acquisitions, Ares is involved in several large-scale development projects across Miami. The firm is partnering with Jorge Mas and David Beckham on Miami Freedom Park—a mixed-use development centered around a new stadium for Inter Miami’s Major League Soccer team. In April, this group secured a $450 million construction loan as work nears completion on the stadium.
Additionally this year, Ares joined Monarch Alternative Capital to provide financing for One Twenty Brickell Residences—a planned condominium project featuring two towers and over 800 units being developed by PMG—with a loan totaling $413 million.
