CBRE has arranged the sale of Miami Midway Park, a four-building distribution business park totaling 505,518 sq. ft. on 23.2-acres in Hialeah.
A real estate fund managed by Ares Management purchased the portfolio from a joint venture (JV) partnership between Greystar and Butters Construction & Development, and the portfolio will be managed by Ares Industrial Management, a leading owner and operator of logistics facilities.
CBRE National Partners Vice Chairmen Jose Lobón, Frank Fallon, Trey Barry, and Vice President Royce Rose represented the seller in the transaction. The team was assisted by Devin White, Executive Vice President with CBRE Industrial Leasing and Gabriel Braun and Daniel Sarmiento, Financial Analysts with CBRE National Partners.
Delivered in Q2 2024, Miami Midway Park features best-in-class specifications with tilt-up construction, rear-loading configuration with separate ingress/egress for cars and trucks, 32’ clear heights, 120 dock high doors, LED lighting and EV charging stations. The property was 76% leased at the time of sale, with the 123,799 sq. ft. of available space giving the new owner significant upside potential.
Strategically located in what was once regarded as the last pocket of available land in Miami-Dade County, Miami Midway Park is less than four miles away from I-75, the Florida Turnpike and the Palmetto Expressway/SR-826. The property’s accessibility will further increase in 2025 with the delivery of the upcoming $370 million diamond interchange at the Florida Turnpike & NW 170th Street, which will be 1.3 miles away.
“Miami continues to rank as the highest performing industrial market in the country, fueled by continued domestic and international net migration combined with an ever-scarcer supply of land for development,” said Lobón, Vice Chairman with CBRE.