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.
On the Map
$105,700,000
Development Site
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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