Auto dealers Ali and Faisal Ahmed jump into South Florida’s industrial market, buying Miami Lakes warehouse for $38M

Brookfield sold industrial facility for $16M above its purchase price in 2020

Brookfield Sells Miami Lakes Warehouse For $38M
Ali Ahmed and Brookfield's Bruce Flatt with 14100 NW 60th Avenue (LinkedIn, Brookfield, Newmark, Getty)

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. 

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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. 

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