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.
Brookfield Property Partners also owns the 1000-room Diplomat Beach Resort in Hollywood, one of the largest hotels in South Florida. The company was previously planning to sell the resort to Jeffrey Soffer’s Fontainebleau Development, but the deal was called off last month.