Brookfield Property Partners snagged a warehouse in Miami Lakes for $22.2 million, as institutional investors continue to target industrial properties in South Florida.
A company tied to the Toronto-based investment manager bought the 192,500-square-foot warehouse at 14100 Northwest 60th Avenue for $115 per square foot, records show. San Francisco-based Terreno Realty LLC sold it.
Newmark Knight Frank’s Steve Medwin, Nick Wigoda and John Mejia represented the buyer in the sale, according to a release.
The warehouse is 100 percent leased to Miami International Freight Solutions.
The property last sold for $7.8 million in 2010, records show. The warehouse was built in 1971.
The building features 38 dock doors, two ramps and multiple large doors to handle oversized freight. The warehouse sits on a 13-acre site. It has surplus land for car, van and truck parking or potential building expansion, according to the release.
Large institutional buyers such as Brookfield, Blackstone, and Prologis have increasingly been buying industrial properties and last-mile distribution facilities across South Florida, as demand for e-commerce continues to grow. In June, Brookfield purchased two industrial facilities in Medley for $26.9 million.
Brookfield Property Partners also owns the 1000-room Diplomat Beach Resort in Hollywood, one of the largest hotels in South Florida. The company previously planned to sell the resort to Jeffrey Soffer’s Fontainebleau Development, but the deal was called off in May.
South Florida’s industrial market’s second quarter was its best quarter in three years, according to a recent report from Newmark Knight Frank. In Miami-Dade County about 1 million square feet of space was absorbed in the second quarter, up from about 850,000 square feet in the second quarter of 2019.