Gramercy Property Trust buys Opa Locka Hialeah Flea Market for $80M, brings in new operator

Investors and new lessees Chris Kallivokas, Rodney Barreto, Michael Fay and Brian May plan to renovate the flea market

Miami /
Jul.July 21, 2017 10:45 AM

Gramercy Property Trust just paid $80 million for the Opa Locka Hialeah Flea Market and inked a lease with a new operator, a group of Miami investors led by Chris Kallivokas.

The New York City-based real estate investment trust picked up about 72 acres of Opa-Locka land for $1.1 million per acre, according to a press release. The deal includes the 43.8-acre flea market at 12691 and 12705 Northwest 42nd Avenue and the 28.3-ace Insurance Auto Auctions property at 12700 Northwest Le Jeune Road.

The sellers are Bodwin Ltd. and Seabase Florida Corp. Both are entities managed by North Miami Beach attorney Sheldon Zipkin.

The new flea market lessee, RER Outdoor Marketplace, is led by Kallivokas, founder and head of Coral Gables-based RER Ventures, and includes Miami businessman Rodney Barreto, lobbyist Brian May, and Michael T. Fay, principal and managing director of Avison Young in Miami. Fay also arranged the deal.

The flea market is one of the largest in South Florida, with more than 100,000 people attending every week. It has nearly 200 merchants.

Kallivokas and his group plan to renovate the flea market by making significant improvements to parking, paint, canopies and restrooms. RER signed a 27-year lease.

RER will invest “over seven figures” into the flea market, Barreto and Fay said. They have no immediate plans to redevelop the property, although Fay expects there to be development opportunities at some point over the course of the lease. They declined to comment on the terms of the lease.

Barreto called the deal “an alternative retail play,” and cited the property’s size, highway frontage and central location. Amazon recently broke ground on an 800,000-square-foot distribution center nearby at Miami-Opa Locka Executive Airport.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
An aerial of Bridge Point AVE with Bridge Development CEO Steve Poulos (courtesy of Bridge Point Development)
Bridge Development scores $78M construction loan for Opa-locka industrial park
Bridge Development scores $78M construction loan for Opa-locka industrial park
Midtown Capital Partners CEO Alejandro Velez and 13700 Northwest 19th Avenue, Opa-locka
Midtown Capital buys Opa-locka industrial property
Midtown Capital buys Opa-locka industrial property
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...