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TA Realty buys Hialeah Gardens warehouse for $26M
154K sf property was built in 2019
TA Realty bought a Hialeah Gardens warehouse for $25.8 million, amid pent-up market demand in light of e-commerce growth.
Records show Boston-based TA Realty, through an affiliate, bought the property at 14001 Northwest 112th Avenue from EWA Hialeah Gardens Owner, which is tied to Denver-based EverWest Real Estate Investors.
CBRE’s Jose Lobon and Christian Lee represented the seller.
The building totals 154,121 square feet on 10 acres, according to records. EverWest developed the facility in 2019, after buying the land in 2017 for $5.9 million, a deed shows.
EverWest, led by Rick Stone, is a real estate investor, developer and manager, according to its website. Founded in 2013, EverWest previously was called Alliance Commercial Partners. In 2018, it became a subsidiary of Toronto-based global real estate investment adviser GWL Realty Advisors and is its U.S. investment platform.
TA Realty, whose managing partners are James Buckingham, Michael Haggerty and James Raisides, is one of the biggest real estate investors in the U.S., having invested in or managed more than $30 billion worth of properties since its founding in 1982, according to its website. It has bought more than 1,000 office, multifamily and retail properties, although it heavily focuses on industrial.
In December, TA Realty paid $52 million to buy back pieces of a Hialeah industrial portfolio it had previously sold in 2017 and 2018. The assemblage is at and near 2500 West 84th Street, 1604 West 31st Place and 2440 West Eighth Court.
Overall, the Miami-Dade County industrial market has thrived over the past year, as 1 million square feet of space was leased in the first quarter to e-commerce tenants, according to JLL. That represents half of the e-commerce demand for all of 2020.
EverWest also has been getting in on the hot industrial market, as in October it bought a warehouse at 1101 East 33rd Street in Hialeah for $13.1 million.
Ivy Realty also just bought a Miami-Dade warehouse at 6950 Northwest 77th Court northwest of Miami International Airport for $26 million. The seller, The Apollo Group, which provides logistics to cruise lines, will continue to fully lease the facility for its headquarters.