Updated Jun 25, 2025
James O. Buckingham And Michael R. Haggerty Of TA Realty Acquire 43.8 Acre Development Site For $105.7M
12691 Northwest 42nd Avenue
$105,700,000
Building Size
—
Asset Type
Development Site
Closing
Jun 25, 2025
About this deal
AI
This transaction involves the sale of a 43.8-acre industrial development site located at 12691 & 12705 Northwest 42nd Avenue in Opa-Locka. The seller, Blackstone, completed the sale to TA Realty for a total of $105,700,000. The site has been approved for a development of 741,837 square feet across six buildings.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $105,700,000
- Buyer: James O. Buckingham & Michael R. Haggerty - TA Realty
- Seller: Stephen A. Schwarzman - Blackstone
- Approved Square Footage: 741,837
- Market: Opa Locka
- Price Per Square Foot: $142
- Acreage: 43.8
The deal represents the second phase of the Ironwood Commerce Center, which follows TA Realty’s earlier acquisition of the first phase for $160,000,000 in December. The individuals involved in this transaction are significant players in the real estate sector, showcasing their ongoing investment in industrial development.
Players
Opa Locka Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93