Ares Management has expanded its industrial real estate presence 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 property for $56 million, according to public records and data from Vizzda.
The purchase price equates to about $242 per square foot. This marks a significant increase over the previous sale price six years ago when an affiliate of Cabot Properties acquired the site for $33 million. The building was originally completed in 1995 on a 15.9-acre parcel.
Ares has been one of the most active institutional investors in South Florida’s industrial market recently. In May, a trust linked to Ares bought the former Miami Herald headquarters site in Doral for $25.9 million. The seller, Panattoni Development from Atlanta, had begun demolition work but abandoned plans to redevelop the location into two warehouses with parking before selling it to Ares for $4 million less than what they paid last year.
In another major deal last October, Ares acquired Midway Miami Park—a four-warehouse complex in Miami Lakes—for $147 million. This transaction ranked as the fourth largest industrial real estate deal in South Florida during 2024.
Beyond industrial properties, Ares is involved in several large-scale developments across Miami. The firm is working with Jorge Mas and David Beckham on Miami Freedom Park, a mixed-use project that will feature a new stadium for Inter Miami Major League Soccer team. In April, this partnership secured a $450 million construction loan for the nearly completed soccer venue.
Additionally this year, Ares joined Monarch Alternative Capital to provide a $413 million loan for One Twenty Brickell Residences—a planned condominium project consisting of two towers and 803 units developed by PMG.
“Ares’ ongoing investments underscore its commitment to growing its footprint within South Florida’s commercial and residential property sectors.”
