TA Realty buys back industrial property in Hialeah as part of $52M deal
Seller bought the properties for about $40M in 2017 and 2018
TA Realty bought back pieces of an industrial portfolio in Hialeah in a deal totaling $52 million.
Cofe Properties sold the assemblage of more than 40 parcels at and near 2500 West 84th Street, 1604 West 31st Place and 2440 West Eighth Court to the Boston-based real estate investment firm. TA Realty previously owned some of the parcels.
TA Realty paid $40.2 million for the latter two properties. Cofe acquired those from TA Realty in 2017 for $32.5 million. The West 31st Place property is part of the West Hialeah Industrial Center.
Cofe acquired the former, at 2500 West 84th Street, in 2018 for $7.3 million. TA Realty paid $11.8 million for the building in this latest acquisition.
An online listing shows space is available for lease at the 30,000-square-foot building, called the I-75 Business Park, for $13 per square foot a year. Tenants include Kalacatta Stone LLC and Transline, according to their websites.
The total acreage of the properties that just sold was not immediately clear.
In 2018, TA Realty paid Cofe more than $92 million for a 10-parcel, 932,500-square-foot industrial portfolio in Medley and Hialeah Gardens.
Also that year, Cofe Properties bought a six-building office park in Kendall for $34.8 million from TA Realty.
Miami-based Cofe is managed by Mario Fernandez and Eugenio Cosculluela Jr., records show.
In January, TA Realty bought a 340-unit apartment project in Fort Lauderdale’s Flagler Village for $112 million from a partnership between Morgan Group and JPMorgan, one of the largest multifamily deals of the year.
TA Realty, led by managing partners James O. Buckingham, Michael R. Haggerty and James P. Raisides, has offices in Palm Beach Gardens, Dallas, and Newport Beach, California.
In September, the company paid $65 million for a 70-unit luxury apartment complex in Venice, California.