Ares Management has expanded its industrial real estate holdings in South Florida with the acquisition of Meridian at Weston, a warehouse located at 3425 Meridian Parkway in Weston. The Los Angeles-based investment firm, led by Michael Arougheti, purchased the 230,976-square-foot facility for $56 million, according to public records and information from Vizzda.
The purchase price equates to about $242 per square foot and marks a significant increase over the previous sale price. Cabot Properties, based in Boston, sold the property after acquiring it for $33 million in 2019. The warehouse sits on a 15.9-acre site and was originally completed in 1995.
Ares Management has been active in South Florida’s industrial market. In May, an Ares-affiliated trust acquired the former Miami Herald headquarters site in Doral for $25.9 million. The seller, Panattoni Development of Atlanta, had started demolishing the office building but did not proceed with plans to build two warehouses totaling over 153,000 square feet with parking for 171 vehicles. Ares paid $4 million less than what Panattoni paid for the property one year earlier.
In October of last year, Ares bought Midway Miami Park—a complex consisting of four warehouses—for $147 million. This deal ranked as the fourth largest industrial transaction in South Florida during 2024.
Beyond industrial assets, Ares is involved in several high-profile projects across Miami. The company is working with Jorge Mas and David Beckham on Miami Freedom Park—a $1 billion mixed-use development anchored by a new stadium for Inter Miami’s Major League Soccer team. In April this year, their partnership secured a $450 million construction loan as work on the stadium nears completion.
Additionally, Ares partnered with Monarch Alternative Capital to provide a $413 million loan supporting One Twenty Brickell Residences—an upcoming two-tower condominium project planned by PMG that will include 803 residential units.
