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
Highbrook Investors buys three Miami-Dade warehouses for $33M
HighBrook Investors buys three Miami-Dade warehouses for $33M
HighBrook Investors buys three Miami-Dade warehouses for $33M
Ted Elam of Foundry Commercial with the property (Foundry)
Foundry and HighBrook buy Doral warehouse for $18M
Foundry and HighBrook buy Doral warehouse for $18M
Racetrac CEO Carl Bolch Jr with the junkyard (MapQuest, The Michael J. Fox Foundation)
Fill ‘er up: RaceTrac buys Medley auto junkyard for $9M
Fill ‘er up: RaceTrac buys Medley auto junkyard for $9M
Longpoint Managing Partner Dwight Angelini and the properties
Longpoint Realty adds three Opa-locka warehouses to South Florida portfolio
Longpoint Realty adds three Opa-locka warehouses to South Florida portfolio
South Florida’s industrial real estate market experienced strong leasing activity, low vacancy rates and asking rent hikes (Getty)
South Florida industrial sector keeps beating pandemic odds, Q2 report shows
South Florida industrial sector keeps beating pandemic odds, Q2 report shows
Valerio Spinaci and 1506 Collins Avenue (Google Maps)
Triarch buys Dania Beach industrial property for $10M
Triarch buys Dania Beach industrial property for $10M
Mauro Libi and 7300 Northwest 35th Terrace (Mauro Libi/Wikipedia, Google Maps)
Venezuelan food mogul nabs Miami warehouse for $8M
Venezuelan food mogul nabs Miami warehouse for $8M
Ryan Companies CEO Brian Murray and CFO Lisa Kro with 13241 Southwest 136th Street (Google Maps)
Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse
Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse
arrow_forward_ios

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

Loading...