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Brookfield pays $32M for Boca Raton industrial building
The building sold for nearly double its last sales price in 2017
Big money is pouring into South Florida’s industrial market.
A fund tied to Brookfield Property Partners purchased an industrial property in Boca Raton for $31.4 million, almost double the property’s last sale price in 2017.
The Brookfield affiliate bought the 175,715-square-foot building at 700 Banyan Trail for $178 per square foot. Four companies tied to Sean Leder of Boca Raton-based Leder Holdings sold the property.
The building includes a warehouse and an office and sits on 11 acres.
In 2017, the property sold for $17 million. The building was constructed in 1968. It sits off of I-95 and can be subdivided and expanded by 100,000 square feet, according to the listing.
In Palm Beach County, industrial investment activity rose significantly in 2019. Sales volume reached $283.6 million, a 50.2 percent jump over investment sales recorded in 2018, according to a report by Avison Young.
Brookfield Property Partners is the real estate arm of the investment management firm Brookfield Asset Management. Brookfield became New York City’s largest commercial landlord after its $6.8 billion acquisition of Forest City Realty Trust in 2018. Now, the firm has about 26 million square feet of space across 25 office properties, as well as about 3 million square feet of retail space and 6,500 rental apartments in the city.