Brookfield affiliate picks up tire distribution center for $20M

The property sold for $108 psf

TRD MIAMI /
Sep.September 27, 2019 10:30 AM
7500 Northwest 35th Terrace and Brookfield Asset Management CEO Bruce Flatt

7500 Northwest 35th Terrace and Brookfield Asset Management CEO Bruce Flatt

A company tied to Brookfield Asset Management picked up the Tire Group International Distribution Center near Miami International Airport for $19.5 million, adding to the firm’s South Florida holdings.

A Brookfield affiliate bought the 179,972-square-foot site at 7500 Northwest 35th Terrace in Miami for $108 per square foot, according to a press release from CBRE. TDH Realty, which is managed by James Hislop of Bloomfield, Michigan, sold the distribution center.

CBRE’s David J. Wigoda, Sean R. Kelly and Devin B. White represented the seller in the transaction.

The building was built in 1980 and was substantially renovated in 2006 and 2015, according to a press release. It features 26-foot clear span heights and a new ESFR fire sprinkler system.

The property was last purchased in 2013 for $14 million, records show.

Tire Group International supplies over 30 different brands of tires to wholesalers, retailers, dealerships and mechanics, according to its website.

Vacancy rates for industrial properties in South Florida remain low amid the growth in e-commerce. Institutional buyers such as Blackstone Group and Brookfield Asset Management are targeting the asset class.

In Miami-Dade County, vacancy rates for industrial properties held steady at 4 percent in the second quarter compared to the same period of 2018, even amid 725,000 square feet of newly completed construction, according to a Colliers International South Florida report.

In September 2018, an affiliate of Brookfield Asset Management bought a C.R. Laurence distribution center at 14290 Northwest Fourth Street in Sunrise for $8.45 million.


Related Articles

arrow_forward_ios
Bridge Point Powerline Road industrial property

South Florida industrial market continues to rally in Q4

Jack Owoc and a South Florida Distribution Center Building (Credit: Core5)

Bang: Energy drink company drops $40M on warehouse

11300 Northwest 25 Street and Telefonica CEO José María Álvarez-Pallete López (Credit: Google Maps) 

Telefonica sold its Doral data center for $44M

This vitamin maker sells off Pompano Beach warehouse after layoffs

This vitamin maker sells off Pompano Beach warehouse after layoffs

Steven E. McCraney, President & CEO McCraney Property Company with the land

McCraney, partner pick up land in tight Boca Raton industrial market

Panattoni Development Company’s Carl Panattoni, Gratigny Logistics Park

Panattoni drops $24M to build new industrial project near Opa-locka

1000 Park Centre Boulevard, Joe Le Bas

Miami Gardens commercial site sells for $19M

Paul Ellis

Foundry Commercial bought an 18-acre site in Hialeah Gardens, plans industrial project

arrow_forward_ios
Loading...