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

TRD 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
Jason Tenenbaum of Prologis, Stephanie Rodriguez of Duke Realty and Ross Giglio of Terrano Realty

Industrial development, rents and leasing stable in South Florida, but uncertainty remains: panel

Industrial development, rents and leasing stable in South Florida, but uncertainty remains: panel
(iStock)

SoFla industrial market’s Q2 is strongest quarter in three years

SoFla industrial market’s Q2 is strongest quarter in three years
Ed Easton and 501 103rd Avenue North (Google Maps)

Easton Group sells Royal Palm Beach warehouse for $16M

Easton Group sells Royal Palm Beach warehouse for $16M
Sean Dalfen and 3774 Interstate Park Road North

Dalfen Industrial snags Serta Simmons building in West Palm for $25M

Dalfen Industrial snags Serta Simmons building in West Palm for $25M
Ivy Realty CEO Anthony P. DiTommaso, Jr., and 650 Northeast 185th Street (Credit: Google Maps)

Ivy Realty snags industrial freezer in Miami for $13M

Ivy Realty snags industrial freezer in Miami for $13M
Foundry Commercial

Foundry Commercial scores construction loan on Hialeah Gardens industrial complex

Foundry Commercial scores construction loan on Hialeah Gardens industrial complex
Dalfen Industrial CEO Murray Dalfen and 1177 West Blue Heron Boulevard (Google Maps)

Dalfen Industrial buys Riviera Beach warehouse for $18M

Dalfen Industrial buys Riviera Beach warehouse for $18M
Brian Kingston Brookfield Property Partners CEO 10800 Northwest 92 Terrace (Credit: Google Maps)

Brookfield pays $27M for Medley warehouses

Brookfield pays $27M for Medley warehouses
arrow_forward_ios

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

Loading...