Brookfield pays $27M for Medley warehouses

Posted :
June 5, 2020
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As reported in The Real Deal.

Brookfield Property Partners is increasing its presence in South Florida’s booming industrial market.

The real estate arm of the Toronto-based asset manager purchased two industrial warehouses at 10800 Northwest 92nd Terrace in Medley for $26.9 million, records show. Oviedo, Florida-based A. Duda & Sons sold the warehouses.

The property includes three separate parcels totaling 22.4 acres, equating to a price of $1.2 million per acre. One warehouse is leased to HD Supply White Cap, a construction supply company.

The property was last purchased for $13.8 million in 2004, records show.

South Florida’s industrial market has been among the few bright spots in real estate during the coronavirus pandemic. Due to rising demand for e-commerce and last-mile distribution, large institutional investors like Blackstone and Prologis are increasingly buying warehouses in South Florida.

Overall, vacancy in Miami-Dade County’s industrial market was at 3.86 percent in the first quarter, according to Avison Young.