Brookfield Pays $428M for Sun Belt Collection

Brookfield Asset Management has completed the $428 million acquisition of 53 light industrial assets spanning 3.6 million square feet across the Sun Belt, as first reported by Commercial Observer.

Stonelake Capital Partners sold the collection—which was 96 percent leased at closing—located in Dallas, Houston, Atlanta and Nashville, Tenn. In the Volunteer State, the properties changed hands for a combined $147 million, Nashville Post reported.

During the first half of 2025, Stonelake has sold 7.6 million square feet of industrial space throughout the Sun Belt for nearly $920 million, in 13 separate transactions. The assets were acquired between 2018 and 2022.

Following the dispositions, Stonelake’s national portfolio shrank to 19.3 million square feet. However, the firm intends to continue acquiring and developing light industrial properties in infill locations, in markets experiencing significant population growth.

BAM’s focus on industrial

This acquisition brought BAM’s national logistics footprint to more than 75 million square feet. Earlier this year, the company’s real estate funds reached nearly $16 billion in commitments, its largest such strategy yet. The investor had some $272 billion in assets under management at the end of the first quarter.

In 2024, BAM purchased a 14.6 million-square-foot collection of shallow bay industrial properties from funds managed by DRA Advisors. Most of the facilities were located in the Sun Belt.

And also last year, BAM sold its entire industrial outdoor storage portfolio to Realterm. The company obtained $277 million for the 631,604-square-foot IOS package.