Blackstone Sells Industrial Development Site Near Miami for $106M

TA Realty is expanding its industrial fiefdom in the outskirts of Miami, buying a 43-acre industrial development site for $105.7 million from Blackstone, property records show.

The land along Route 924 is split between 33 acres at 12691 Northwest 42nd Avenue, which hosts the Opa Locka Hialeah Flea Market, and the remaining 10 acres just north at 12705 Northwest 42nd Avenue in Opa-locka. 

Two years ago, town officials approved plans for a 741,837-square-foot, six-building industrial park, according to the South Florida Business Journal, though the sites remain vacant today.

In 2017, Gramercy Property Trust purchased the two parcels for $48.8 million, according to property records. The land fell into the ownership of Blackstone’s Link Logistics division when it bought Gramercy Property Trust for $7.6 billion in 2018. 

The purchase is the second South Florida trade between the real estate giants in recent months. Just across the street from the Opa Locka Hialeah Flea Market, TA Realty bought a four-building, 509,522-square-foot complex for $160 million, which Blackstone had developed. 

The deal also marks Blackstone’s latest sell-off of industrial properties in South Florida. In June, the New York-based private equity firm sold a 371,976-square-foot industrial complex near Miami International Airport for $90 million. 

Last year, it sold a 456,219-square-foot industrial portfolio in Broward County for $121 million and four warehouses for a combined $206 million in Sunrise. 

Representatives for Blackstone and TA Realty did not immediately respond to requests for comment. 

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