TA Realty Buys Metro Miami Industrial Park
TA Realty has purchased Ironwood Commerce Center, a four-building industrial park totaling 505,436 square feet in Opa-Locka, Fla., outside Miami. Link Logistics previously owned the asset, according to CommercialEdge data. CBRE brokered the deal on behalf of the seller.
Completed in 2022, Ironwood Commerce Center includes facilities with 32-foot clear heights, building depths ranging from 125 to 195 feet and 54-foot column spacing.
The property also features single and shared truck courts measuring between 120 and 180 feet and a combined 492 parking spaces. The industrial campus was 65 percent leased at closing.
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Located at 12700 NW LeJeune Road, the 28-acre park is less than 2 miles from the Miami-Opa Locka Executive Airport, while the Miami International Airport is about 8 miles south. The Golden Glades Interchange project—which is set to construct 32 new bridges to bolster regional mobility—is roughly 5 miles away.
The property is also across the road from Ironwood Commerce Center Phase Two, a $90 million, six-facility industrial development encompassing 740,000 square feet. Link Logistics broke ground on the project rising on the site of the former Opa-Locka Hialeah Flea Market last year.
The CBRE crew that represented the seller included Vice Chairmen Jose Antonio Lobón, Frank Fallon and Trey Barry, as well as Vice President Royce Rose, among others.
Miami’s resilient industrial scene
Miami’s industrial investment volume witnessed increased activity during the first three quarters of the year, according to a Transwestern report. Sales totaled $342.1 million, topping the figure registered during the same period of 2023 by $62 million.
The market’s industrial vacancy rate stood at 5.0 percent in September, marking a 250-basis-point increase year-over-year, the same source shows. The index still remained 120 basis points below the U.S. average.
In one of the more significant transactions of the nine-month interval, Tishman Speyer made its first acquisition in the South Florida industrial market. The firm purchased a two-building campus encompassing 256,000 square feet in Pompano Beach.
Another important deal for the market closed last month, when Blackstone sold a 1.4 million-square-foot portfolio to Longpoint Partners for $331.3 million. The collection included 26 facilities, of which more than a third were in Miami-Dade County.
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