Mustang Island's beaches are back in shape, while its hotels, restaurants and vacation communities continue to reopen with major upgrades, expansions and improvements since Hurricane Harvey's wrath.

With its purchase, Brookfield adds to its hospitality portfolio in South Florida. Brookfield affiliate Thayer Lodging Group acquired the 1,000-room beachfront convention center hotel the Diplomat Resort & Spa in Hollywood, FL in 2014.

The firm has signed a 15-year lease for 25,075 square feet at 459,550-square-foot office building and will occupy a portion of the 13th floor.

The fund is designed to invest in the Opportunity Zones created under the Tax Cuts and Jobs Act of 2017.