JV pays $126M for Opa-locka industrial property

The property is 100% leased to tenants including Turbopower, Boar’s Head, Johnson Controls, Rolls-Royce and Herbalife

Miami /
Oct.October 18, 2019 04:00 PM
14350 Northwest 56th Court and Bridge Development Partners CEO of Steve Poulos (Credit: Google Maps)

14350 Northwest 56th Court and Bridge Development Partners CEO of Steve Poulos (Credit: Google Maps)

A joint venture between BentallGreenOak and Bridge Development Partners bought most of a mixed-use business park next to the Opa-locka Executive Airport for $126 million.

The group purchased 948,000 square feet of space, with an additional 1 million square feet of industrial and aviation-related development rights on 47 acres at the AVE Aviation & Commerce Center. CPF Investment Group sold the property.

The property sits at 14350 Northwest 56th Court in the Miami Lakes industrial submarket.

The property is 100 percent leased. Tenants include Turbopower, Boar’s Head, Johnson Controls, Rolls-Royce and Herbalife.

The deal also includes a 478,000-square-foot USPS facility; 15 acres occupied by Off Lease Only, a wholesaler of cars in Florida; and three ‘Class-A’ multi-tenant buildings that encompass 470,000 square feet.

Wayne Schuchts of Avison Young represented Bridge Development Partners and BentallGreenOak in the deal, while Ernesto Casal of Casal Group represented the seller.

Bridge Development Partners is an active investor in South Florida. The group recently scored a $60.3 million construction loan from Wells Fargo to build a new industrial complex in Davie.

Investors and developers are increasingly buying industrial properties near Opa-locka. In September, the owner of Ameriworld, an e-commerce fulfillment company, sold a four-building industrial warehouse in Opa-locka for $8 million.


Related Articles

arrow_forward_ios
(Photo-illustration by Kevin Cifuentes)
South Florida’s industrial squeeze has brokers sounding alarms
South Florida’s industrial squeeze has brokers sounding alarms
An aerial of Villa Del Ray Golf Course at 5901 Via Delray with 13th Floor Investments’ Arnaud Karsenti and Lennar’s Stuart Miller (Google, 13th Floor, Lennar)
Lennar pays $19M for golf course near Delray Beach approved for resi community
Lennar pays $19M for golf course near Delray Beach approved for resi community
Todd Michael Glaser (Photos by Sonya Revell)
The Closing: Todd Michael Glaser
The Closing: Todd Michael Glaser
Kolter buys 41-acre site in Homestead for $17M
Kolter buys 41-acre site in Homestead for $17M
Kolter buys 41-acre site in Homestead for $17M
Student housing developer buys assemblage near University of Miami for $23M
Student housing developer buys assemblage near University of Miami for $23M
Student housing developer buys assemblage near University of Miami for $23M
Chicago firm plans apartments, commercial complex on Edgewater OZ site
Chicago firm plans apartments, commercial complex on Edgewater OZ site
Chicago firm plans apartments, commercial complex on Edgewater OZ site
Miami-Dade County hit with lawsuit over West Kendall resi project approval
Save Calusa nonprofit sues Miami-Dade over golf course redevelopment
Save Calusa nonprofit sues Miami-Dade over golf course redevelopment
Sunbeam TV pays $14M for North Bay Village retail property, plans mixed-use development
Sunbeam TV pays $14M for North Bay Village retail property, plans mixed-use development
Sunbeam TV pays $14M for North Bay Village retail property, plans mixed-use development
arrow_forward_ios

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

Loading...