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

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.

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