Brookfield Scores 113% Gain on Broward Industrial Sale
New York-based Brookfield Properties sold a 247,000-square-foot industrial building in Deerfield Beach for $77.5 million, more than doubling its 2019 investment. The transaction highlights continued investor appetite for South Florida industrial assets.
Brookfield Properties achieved a substantial return on its Broward County industrial investment, selling a warehouse facility in Deerfield Beach for $77.5 million to Dallas-based Lincoln Property Companies.
The New York-based real estate giant originally acquired the 247,000-square-foot building at 674-772 South Military Trail in 2019 for $36.3 million, generating a 113% gain over seven years. The transaction represents one of the largest industrial property sales recorded in South Florida this month.
Lincoln Property Companies, through an affiliated LLC, secured the asset as institutional investors continue targeting South Florida's industrial market. The building's sale price translates to approximately $314 per square foot, reflecting strong demand for warehouse and distribution facilities in the region.
Meanwhile, South Florida's luxury residential market maintained its momentum with notable transactions across Miami-Dade. A Pinecrest estate at 9500 Southwest 61st Court sold for $15.5 million, representing the week's top residential deal. Jeffrey and Stephanie Green parted with the 10,400-square-foot mansion, which sits on a one-acre lot and features seven bedrooms and six full bathrooms plus two powder rooms.
The contemporary home, constructed in 2022, initially hit the market in December with a $16.4 million asking price. Toni Schrager of Brown Harris Stevens represented the sellers, while Dennis Carvajal from One Sotheby's International Realty brought the buyers from 9500 Pinecrest LLC.
Miami Beach's ultra-luxury condo market also produced significant activity, with a unit at Eighty Seven Park trading for $14 million. The nearly 3,200-square-foot residence at 8701 Collins Avenue commanded approximately $4,400 per square foot.
Nancy Peretsman, a managing director at investment bank Allen & Company, and her husband Robert Scully, a retired finance executive, sold the four-bedroom unit after purchasing it in 2021 for $11.4 million. Barbara and Todd Leland acquired the property through Douglas Elliman brokers Ruthie and Ethan Assouline, who represented both parties.
In Miami's retail sector, a three-story commercial center at 15315 South Dixie Highway changed hands for just under $12 million. The 36,300-square-foot property, sold by an entity connected to Roni Seiderman, went to an LLC managed by Ruben Gonzalez and Nelson Fernandez. The deal priced at roughly $330 per square foot, marking a significant appreciation from its last sale in 1990 for $2.2 million.
