Brookfield picks up more industrial properties near MIA for $83M

The purchase comes just two weeks after the company bought an industrial warehouse nearby for $20M

Miami /
Oct.October 08, 2019 12:30 PM
Brookfield Property Group’s Brian Kingston and 3400 Northwest 74th Avenue (Credit: Google Maps)

Brookfield Property Group’s Brian Kingston and 3400 Northwest 74th Avenue (Credit: Google Maps)

Brookfield Asset Management’s real estate arm is on a buying spree near Miami International Airport.

Brookfield Property Group bought six industrial condos at 3400 Northwest 74th Avenue for $82.9 million from a Delaware company managed by Sebastian Guejman of Aventura. The sale comes just two weeks after Brookfield bought an industrial property nearby at 7500 Northwest 35th Terrace for $19.5 million.

In the latest deal, the company purchased the 412,924-square-foot industrial properties at the Palmetto Distribution Facility for $200 per square foot, records show. The Palmetto Distribution Facility was built in 1980.

The property last traded for $31.8 million in 2013, records show. Tenants include Flora Logistics, a floral logistics company.

Industrial properties near Miami International Airport are in high demand as land becomes scarce to build new warehouses and e-commerce continues to grow.

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 Toronto-based 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
Midtown Capital Partners nabs West Palm business park for $37M
Midtown Capital Partners nabs West Palm business park for $37M
Midtown Capital Partners nabs West Palm business park for $37M
Realterm Logistics pays $15M for Miami warehouse
Realterm Logistics pays $15M for Miami warehouse
Realterm Logistics pays $15M for Miami warehouse
Seagis picks up Doral industrial properties for $29M
Seagis picks up Doral industrial properties for $29M
Seagis picks up Doral industrial properties for $29M
Ivy Realty sells Miami-Dade freezer facilities to New York firms for $74M
Ivy Realty sells Miami-Dade freezer facilities to New York firms for $74M
Ivy Realty sells Miami-Dade freezer facilities to New York firms for $74M
GLP Capital Partners CEO Alan Yang and Modlo Logistics Center (GLP)
Industrial strength: GLP Capital Partners scores $64M construction loan for Doral logistics project
Industrial strength: GLP Capital Partners scores $64M construction loan for Doral logistics project
Clarion Partners CEO David Gilbert and Cadence Partners managing partner Todd Watson with their Hollywood industrial property (Rich Commercial Group, Clarion, Cadence)
Broward warehouses trade for combined $47M in three separate deals
Broward warehouses trade for combined $47M in three separate deals
403 Sawgrass Corporate Parkway (Google Maps)
LA firm nabs Sunrise industrial building for $13M
LA firm nabs Sunrise industrial building for $13M
Jet Aviation signs $120M Opa-Locka airport deal
Jet Aviation signs $120M Opa-Locka airport deal
Jet Aviation signs $120M Opa-Locka airport deal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...