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.