HighBrook Investors Sells Warehouses to Walton Street Capital

Walton Street Capital paid $51.5 million for three warehouses in Miami-Dade County’s Brownsville neighborhood, marking a 56 percent price hike from their last sale two years ago. 

The deal comes as investment sales have declined due to expensive financing costs.

Chicago-based Walton Street bought the adjacent buildings at 3455 Northwest 54th Street, 5530 Northwest 32nd Court and 5400 Northwest 32nd Court in an unincorporated area from HighBrook Investors, according to records. 

Completed in 1959 and 1968, the warehouses total roughly 340,000 square feet, records and real estate database PropertyShark show. 

Tenants include roofing supply store Beacon Building Products and records storage facility Archive America. 

West Palm Beach-based HighBrook paid $33 million for the three warehouses in 2021, according to records. 

Miami-Dade County’s industrial real estate deal volume dropped to $58.5 million in the first quarter, down from over $200 million during the same period of last year, according to an Avison Young report.

In June, Blackstone sold a Hialeah Gardens cold storage facility at 13801 Northwest 112th Avenue, which is fully leased to Lineage Logistics, for $43 million to Miami-based Boxer US. That came on the heels of Blackstone and its Link Logistics subsidiary paying $28.6 million for a Whole Foods Market-leased last-mile distribution facility at 2700 Northwest Street in Pompano Beach. 

Founded in 2010, HighBrook is a real estate private equity firm, according to its website. Brian Carr and David O’Connor are listed as the managers of the HighBrook affiliate that sold the Brownsville warehouses. 

Real Estate firm Walton Street, which also invests in debt and equity, has a portfolio spanning more than $55 billion across over 500 investments, according to its website. It’s led by co-founders Eric Mogentale and Jeffrey Quicksilver. 

In South Florida, Walton Street has invested in multifamily properties, paying $92.7 million for the Pacifica apartment complex at 1100 Audace Avenue in Boynton Beach in 2021.