Brookfield affiliate picks up tire distribution center for $20M
The property sold for $108 psf
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.