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Brookfield Buys Miami Industrial Complex For $83M

New York-based Brookfield Property Group bought an industrial complex west of Miami International Airport for $82.9 million.

Brookfield Property, a subsidiary of Toronto, Canada-based alternative asset manager Brookfield Asset Management Inc., bought the property from MICAP 18 LLC. The purchase price breaks down to $201 per square foot.

MICAP is affiliated with Miami-based Passion Growers, which distributes roses to stores. Jaime Peisach and Monica Peisach Sasson, Passion Growers’ founders, are among MICAP’s managers, according to state Division of Corporations records. The transaction closed Sept. 19, and the deed was posted on Miami-Dade County records Monday.

Industrial complex at 3400 NW 74th Ave. near Miami International Airport. (Courtesy Photo)

The deed indicates Brookfield bought six units totaling 412,924 square feet in an industrial building southeast of the Palmetto Expressway at 3400 NW 74th Ave. The property was built in 1980.

The units range in size from 13,700 square feet to 209,653 square feet, according to Miami-Dade County property records. The appraiser’s office sometimes includes areas that are not under air in the square footage.

The property is home to logistics company Flora Logistics, which works with perishables such as flowers, meat and dairy. Miami International Airport is a major transshipment point for Latin American roses, carnations, lilies and feather ferns. The major sources are Colombia, Guatemala and Ecuador.

The buyers’ parent company, Brookfield Asset Management, has over $500 billion in assets under management, according to its website.

 

Source: GlobeSt.