Brookfield Asset Management closed on the previously announced acquisition of a majority ownership position in Verde Realty, positioning the company for strong growth as an owner, operator and developer of industrial distribution facilities in the United States and Mexico.

Through this transaction, an investment vehicle managed by Brookfield will control approximately 81 percent of the common equity in Verde, with the remaining equity retained primarily by some existing Verde shareholders.

Verde owns 111 industrial distribution facilities comprised of 18 million sq. ft. of space in major U.S. distribution markets and gateway trade markets along the U.S. and Mexican border, as well as over 20,000 acres of land intended for future sale and development. Under new ownership, the company plans to expand its holdings and seek consolidation opportunities in the fragmented industrial real estate sector.

“We look forward to building on our reputation for delivering well located, high quality distribution facilities for our clients and executing our growth strategy that includes acquisitions and property development,” Verde CEO Ronald Blankenship said in a statement.

“Verde is a scalable, cornerstone investment in the industrial property sector that positions Brookfield to expand its real estate platform into the logistics arena to capitalize on the evolving global supply chain,” Brookfield Asset Management Managing Partner David Arthur said in a statement.

Weil, Gotshal and Manges represented Brookfield in the deal. The Weil team was led by corporate partners Philip Rosen, Shayla Harlev, and Corey Chivers and tax partner Scott Sontag. The team also included corporate associates Gabriel Gershowitz, David Laibstain, Michael Ginzburg and Melissa Meyrowitz; employee benefits and executive compensation associate Joshua Gelfand and tax associate Todd Hatcher.