AVE Aviation & Commerce Center Sells for $126M
MIAMI (October, 2019)
Casal Group announced the sale of Ave Aviation & Commerce Center in Opa-locka for $126 million. Ernesto Casal, principal of Casal Group, represented the seller CPF Investment Group.
The business park is on land leased from Miami-Dade County at 14350 N.W. 56th Court, near Miami-Opa locka Executive Airport.
A company led by Ernesto Cambo of CPF Investment Group sold an assignment of lease to a joint venture between Bridge Development Partners and BentallGreenOak. The deal covers about 50 acres, including a 478,000-square-foot distribution facility for USPS, a car sales lot for Off Lease Only, and three industrial buildings totaling 470,000 square feet.
It is 100% occupied. Tenants include Turbopower, Boars Head, Johnson Controls, Rolls Royce and Herbalife.
“Ave has been instrumental in leading the revitalization and transformation currently underway in this thriving industrial submarket, ” Casal said. “This master-planned project has been 10 years in the making, paving the way for substantial additional development throughout Miami.”
Casal said the property sold contains an additional 1 million square feet of industrial- and aviation-related development rights.
Casal Group is a full-service commercial brokerage serving the South Florida industrial and office markets. Based in Miami, Casal Group oversees brokerage and development activities for private client groups and multi-national corporations. For further information, contact the Casal Group at 305-591-3606 or visit www.casal.com.