Jul
25
Opa-Locka Flea Market Trades in $80M Deal
ByThe new owner signed a long-term lease with RER Outdoor Marketplace, which will operate the property and implement a series of upgrades at the flea market.
Avison Young completed the $80 million sale of the Opa Locka Hialeah Flea Market portfolio consisting of three land parcels in Opa-Locka, Fla. Gramercy Property Trust acquired the parcels, totaling approximately 72.10 acres, from Bodwin Ltd. and SeaBase Florida Corp. Michael Fay, principal and managing director at Avison Young’s Miami office, brokered the sale.
The deal included the 43.77-acre flea market located at 12691 and 12705 NW 42nd Ave. and the neighboring 28.33-acre auto auction site located at 12700 NE Le Jeune Road, known as Insurance Auto Auctions. The new owner signed a 12-year lease with RER Outdoor Marketplace LLC, which will serve as the new operator of the flea market. The lease included three five-year options…
