Avison Young Negotiates $80M Sale of Flea Market, Auto Auction Site Near Miami
OPA-LOCKA, FLA. — Avison Young has arranged the sale of the Opa-locka Hialeah Flea Market and neighboring auto auction site for $80 million. The property comprises three parcels of land totaling over 72.1 acres — the 43.8-acre flea market located at 12691 and 12705 N.W. 2nd Ave., and the 28.3-acre auto auction site, Insurance Auto Auctions, located at 12700 N.W. Le Jeune Road. Michael Fay of Avison Young negotiated the transaction on behalf of the buyer, Gramercy Property Trust, and the sellers, Bodwin Ltd. and SeaBase Florida Corp. At the time of sale, a 12-year lease with three, five-year renewal options was executed with RER Outdoor Marketplace LLC, a group of Miami investors, that will operate the flea market and has plans for capital improvements.