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 Miami, 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
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
Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. As part of the CBRE platform Mr. Genet can provide a wide range of services from local to Fortune 1000 clients including agency and tenant representation, asset or portfolio management, high level logistics, labor and data analytics prior to site selection, project/construction management, capital markets, owner user sales and valuation advisory services. CBRE is the global leader for real estate services worldwide.
Larry has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing expertise of industrial, office, land, retail and medical properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market. Additionally, Larry controls a portfolio of 13.5 million square feet allowing him to see every deal in the market. This ensures his clients never miss an opportunity. His knowledge of tenants and buyers in the market is top notch and when coupled with his team's vast portfolio, it's a winning combination.
