Brookfield buys Comcast-leased Miramar building for $29M

11-acre property has development potential for a second building

Brookfield Property Group CEO Brian Kingston and  a rendering of 15800 Southwest 25th Street (Brookfield, Rendering courtesy of Newmark)
Brookfield Property Group CEO Brian Kingston and  a rendering of 15800 Southwest 25th Street (Brookfield, Rendering courtesy of Newmark)

Brookfield Property Group paid $29 million for a Miramar building that is fully leased to Comcast.

Brookfield, through an affiliate, bought the property at 15800 Southwest 25th Street from 15800 Building LLC, managed by Arturo Alvarez Demalde of AD4 private equity firm in South Florida, records show.

Steve Medwin and Nick Wigoda of Newmark were the sole brokers on the deal.

Comcast has been leasing the 92,000-square-foot building since 2017 as its call- and operations center, according to a news release. The building was built in 2000 at the Miramar Centre Business Park and includes a raised floor, gym, on-site cafeteria and 650 parking spots.

It sits on 11 acres, allowing for surplus land where an additional building of equal size can be constructed, according to the release.

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The seller bought it in 2016 for $23 million, records show.

Brookfield Property Group, with an office in New York, is the real estate investment arm of Toronto-based alternative asset manager Brookfield Asset Management. Brookfield Property Group, led by Brian Kingston, oversees 320 million square feet of real estate globally and is developing more than 40 million square feet, according to its website.

The purchase comes on the heels of several Broward County industrial and office deals.
In May, Realterm Logistics bought the industrial property at 1900 Northwest 21st Avenue for $28.6 million.

Also in May, Banyan Street Capital, in a joint venture with Independencia Asset Management, bought the two-building Weston complex at 2500 Weston Road and 2700 South Commerce for $52.25 million; and Midtown Capital Partners bought a newly built office building at the Plantation Pointe business park for $78 million.