Auto dealers Ali and Faisal Ahmed are revved up for South Florida’s industrial market, dropping $38.2 million for a Miami Lakes warehouse.
An entity managed by the Miami Lakes-based car moguls acquired a 190,707-square-foot industrial facility at 14100 Northwest 60th Avenue, records and real estate database Vizzda show. Completed in 1971, the two-story building sold for $16 million above its previous sale price four years ago.
A Newmark team led by Steve Medwin and Nick Wigoda brokered the off-market deal, a press release states. The seller, an affiliate of New York-based investment firm Brookfield Asset Management, paid $22.1 million for the 13-acre site in 2020, records show.
Property tenants include Taggart International and Amerifleet Transportation. A portion of the site can be used for parking or a warehouse expansion, the release states.
The Ahmeds own Miami Lakes Automall and other dealerships in Florida. Last year, Ali Ahmed dropped $39 million for Biscayne Centre, an eight-story office building in North Miami.
Brookfield, led by CEO Bruce Flatt, is actively wheeling and dealing in South Florida. In late June, the firm paid $107.5 million for Turtle Cove, a 444-unit apartment complex near West Palm Beach. The purchase was part of a $1.6 billion deal to acquire 23 multifamily projects with 7,300 apartments from billionaire Barry Sternlicht’s Miami Beach-based Starwood Capital Group.
In January, Brookfield sold its majority stake in Ritz-Carlton Key Biscayne, a 291-key hotel in Key Biscayne, in a deal valued at more than $400 million, Bloomberg reported. The buyer, Miami-based hospitality real estate firm Gencom, now owns the entire 17-acre property.
And last year, Brookfield sold the Diplomat Beach Resort, a 1,000-room hotel in Hollywood, to Honolulu-based Trinity Investments and Credit Suisse. The joint venture paid $850 million for the resort.
Brookfield has $268 billion and more than 500 million square feet in real estate assets under management, the firm’s website states.