Avdotia
Ares Management just paid $108.7 million for two fully leased warehouses in Hialeah and Sweetwater, and Avdotia Services is reading the split price tag as a clean look at how two nearly identical Miami-Dade industrial assets get valued differently by tenant and location alone.
The deal
Ares Management bought the two Miami-Dade industrial properties from BGRE, formerly Brookfield Properties, in a sale that closed in September 2026, according to Commercial Observer. The Hialeah building, a 230,147-square-foot warehouse at 3811 West 108th Street sitting on 15 acres between the Florida Turnpike and I-75, traded for $65.3 million and is leased entirely to Target under a 10-year lease signed in 2022 that carries two 5-year renewal options. The Sweetwater building, a 142,472-square-foot warehouse at 13190 Northwest 17th Street, traded for $43.4 million and is fully occupied by logistics tenant LaserShip. Both facilities were newly built between 2022 and 2023.
What the per-building split says
The Hialeah warehouse works out to roughly $284 a square foot, against roughly $305 a square foot for the smaller Sweetwater building. Both numbers sit well above the price-per-square-foot Avdotia Services has been tracking on comparable single-tenant Miami-Dade industrial trades this year, and the premium here has a clear explanation: a national retailer on a long lease, a newer building, and a highway-adjacent site are exactly the combination institutional buyers like Ares have been paying up for, even as the broader Miami-Dade industrial vacancy rate has drifted higher this year on new speculative supply.
Why a national manager is still buying occupied Florida industrial
Ares is not a first-time entrant to South Florida industrial; this deal extends a buying pattern that large managers have kept running through a year in which industrial vacancy has ticked up on new deliveries. A fully leased building with a national retail tenant removes lease-up risk entirely, which matters more to an institutional buyer right now than chasing a lower basis on a partially vacant asset. The BGRE-to-Ares trade reads as a portfolio decision on the seller’s side rather than a distressed exit, given both buildings were fully occupied at the time of sale.
How Avdotia Services reads this
Avdotia Services LLC, based at avdotia.work, treats a $108.7 million trade split across two fully leased buildings as a benchmark for what tenant quality and lease term are actually worth in Miami-Dade industrial right now, separate from the underlying real estate. Avdotia Services is watching whether that premium holds as more speculative industrial supply delivers across the county, because the gap between what a fully leased, well-tenanted building commands and what the broader market average pays is exactly where avdotia.work expects the next round of industrial mispricing, in either direction, to show up.
The takeaway
Two nearly identical warehouses, a $22 million spread in price, and the difference comes down to tenant and location, not square footage. Avdotia Services will keep tracking institutional industrial trades in Miami-Dade as a read on where that premium is heading next.