Brookfield pays $26M for Doral warehouse

Property last traded for $11M in 2013

Bruce Flatt of Brookfield Asset Management with the warehouse (Brookfield, CBRE)
Bruce Flatt of Brookfield Asset Management with the warehouse (Brookfield, CBRE)

Brookfield Asset Management bought the Bristol Logistics Center in Doral for $26.3 million.

The Toronto-based alternative asset manager purchased the building at 1900 Northwest 92nd Avenue from an affiliate of San Francisco-based Bristol Group, according to a news release.

Larry Genet and Tom O’Loughlin were part of the CBRE team that represented the buyer.

The 145,260-square-foot industrial property, built in 1982 on 8.3 acres, includes more than 10,000 square feet of renovated office space and 26-foot clear heights, according to the release. It is part of Fingerlakes Industrial Park.

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The 96,620-square-foot space of HGreg, a used car dealer, is available for lease with HGreg in the process of vacating the space, according to the release. The other tenant, Planet Air amusement center, occupies 45,000 square feet under a long-term lease.

Bristol Group is a privately owned real estate investor and developer founded in 1980, according to its website. It bought the property in 2013 for $10.6 million, property records show.

Brookfield’s purchase comes on the heels of several other investments in South Florida. In June, the group’s real estate investment arm, Brookfield Property Group, bought a Miramar building fully leased to Comcast for $29 million.

In 2019, it went on a buying spree, scooping up six industrial condos near Miami International Airport for $82.9 million, after buying a nearby industrial property for $19.5 million.