TA Realty Pays Blackstone $160M for Miami-Area Industrial Park

Blackstone (BX) has once again offloaded an industrial property in South Florida, selling a four-building complex for $160 million to TA Realty, property records show.

Called Ironwood Commerce Center, the 509,522-square-foot campus at 12700 NW 42nd Avenue in Opa-locka faces Florida State Road 924, less than two miles south of the Miami-Opa Locka Executive Airport. 

The property 12 miles northwest of Downtown Miami is 65 percent leased to six tenants, according to CBRE, whose José Lobon, Frank Fallon, Trey Barry, Royce Rose, Gabriel Braun and Daniel Sarmiento represented Blackstone.

“The park drew strong interest from numerous potential buyers attracted to its location and market-driven design specs,” Lobon said in a statement.

In 2022, Blackstone completed the 28.3-acre property. Warehouses on the site feature 32-foot clear span heights, building depths of 125 to 195 feet, single and shared truck courts up to 180 feet wide, and 168 loading positions.

The sale comes a month after the New York-based private equity giant sold a 26-building, last-mile industrial portfolio in South Florida for $331 million. Earlier this month, Blackstone’s affiliate, Link Logistics, offloaded four warehouses for a combined $205.5 million in Sunrise. 

TA Realty is no stranger to South Florida, either. In 2022, the Boston-based investor purchased a 12-building industrial park in Medley for $241 million in one of the largest industrial transactions in the region that year.

More recently this year, it bought a 108,386-square-foot warehouse for $26 million and sold an office building for $71 million to Andrew Farkas. Both properties are in Doral. 

A representative for Blackstone declined to comment, while a spokesperson for TA Realty did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.