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TA Realty Sells Miami-Dade Portfolio To Brookfield For $60M

TA Realty sold a 45-asset portfolio to Brookfield Asset Management for $854.5 million, including at least five properties in Miami-Dade priced at more than $60 million.

TA Realty, a Boston-based asset manager, announced the deal last week, which includes office and industrial properties in Los Angeles, Dallas, Chicago and Washington, D.C. The Realty Associates Fund IX sold the 8.6 million-square-foot portfolio to Brookfield-managed funds.

Property records show the following deals just closed in Miami-Dade County. They total more than 550,000 square feet of office and warehouse space.

  • 8841 Northwest 23rd Street and 2180 Northwest 89th Place in Doral sold for $28.58 million
  • 10302 Northwest South River Drive in Medley sold for $12.6 million
  • 6100 Northwest 74th Avenue in Miami sold for $19.58 million

The Prudential Insurance Company of America provided a $29.2 million mortgage to 35 Brookfield entities. TA Realty’s Nicole Dutra Grinnell, Michael Haggerty, Jim Raisides and Luke Marchand worked on the national deal, and JLL represented TA.

In a separate deal also recorded on Monday, TA Realty sold the warehouse at 3636 Northwest 60th Street to Roma Food Group Inc. for $6.25 million. The buyer, controlled by president Fernando E. Martinez, financed the purchase with a $5.2 million mortgage from TotalBank.

TA Realty said in a press release that it’s received “strong interest” on remaining Fund IX properties. In Miami, the fund still owns the Old Cutler Town Center, which is anchored by Publix, and a warehouse in Miami Gardens, according to property records.

Last month, TA paid $22 million for a new distribution center in Davie. Last year it sold the Centurion Tower in West Palm Beach for $26 million, and the Northpoint Corporate Center for $15 million.

 

Source: The Real Deal

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