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.