Fresh off buying a Blackstone Opa-Locka industrial portfolio for nine figures, TA Realty sold a nearby warehouse complex for $22 million, marking a sizable gain.
An affiliate of Miami-based Midtown Capital Partners, led by CEO Alejandro Velez, acquired the two buildings spanning 83,000 square feet at 5261 Northwest 161st Street in unincorporated northwest Miami-Dade County, records show. The deal breaks down to $257 per square foot.
A Marcus & Millichap team led by Douglas Mandel and Zach Levine represented the buyer and seller, a press release states. Boston-based TA Realty — led by managing partners James Buckingham, Michael Haggerty and James Raisides — sold the 4-acre industrial property for more than double the $9.6 million that the seller paid in 2019, records show.
Built in 1985, the facility was 95 percent occupied at the time of sale with a majority of tenants paying below-market rents, the release states. Midtown can capitalize by significantly increasing rents, Mandel said in a statement.
In December, TA Realty acquired Ironwood Commerce Center at 12700 Northwest 42nd Avenue for $160 million from Blackstone’s New York-based industrial subsidiary, Link Logistics. Completed in 2022, the industrial park includes four one-story buildings spanning 510,000 square feet. The purchase was South Florida’s third largest industrial deal of 2024.
With $18.3 billion in real estate assets under management, TA Realty invests in various commercial sectors. Last month, the firm paid $118 million for Bell Pembroke Pines, an apartment community consisting of 14 three-story buildings with 300 units.
Midtown Capital owns 26 commercial properties in South Florida and Orlando, and is developing seven planned multifamily projects in the tri-county region, according to the firm’s website. In Fort Lauderdale, the firm and Prospect Real Estate Group are developing two multifamily projects, including a nearly completed 252-unit apartment building rising 12 stories, and another 12-story, 173-unit project in the permitting phase in the same neighborhood.