Under the leadership of Chris Kallivokas, the Manager of RER Outdoor Marketplace, the lessee plans to renovate and improve the flea market to drive a stronger customer experience and merchant profitability. Plans include parking, restroom, exterior paint, and canopy improvements. RER Outdoor Marketplace is comprised of a group of Miami investors including Barreto, May and Fay.

“In terms of location and value-add potential, the Opa Locka Hialeah Flea Market is a true 'diamond in the rough,'” Barreto tells Globest.com. “It has a long history of operating as the go-to neighborhood flea market, and with the infusion of new capital, significant improvements will be made that will have a lasting effect over our new long-term lease period and for decades to come.”

With 1,100 employees working from the location, the Opa Locka Hialeah Flea Market represents the largest employer facility in Opa-Locka. Ninety percent of the current merchants have operated at the flea market for more than 20 years, and more than 100,000 visitors attend on a weekly basis.

MIAMI—The Opa Locka Hialeah Flea Market portfolio, consisting of three land parcels totaling over 72 acres in Opa-Locka, FL, has traded hands. The sale price: $80 million.

Avison Young's Michael T. Fay, principal and managing director of the firm's Miami operations, brokered the sale of on behalf of the buyer, Gramercy Property Trust, and the seller entities, Bodwin, Ltd and SeaBase Florida Corp. The three land parcels—two of which have direct frontage along the Gratigny (State Road 924) and all three along major roadways—last sold separately between 1984 and 1991 for a total of $11.3 million.

“The Opa Locka Hialeah Flea Market is an anomaly due to its unique physical position boasting major roadway and highway frontage on three sides, minutes away from Amazon's first mega warehouse to open in South Florida, which attracted New York-based Gramercy Property Trust,” Fay tells GlobeSt.com. “With larger boxes closing down because of retail taking a different turn resulting from various factors including 'the Amazon effect' and the resurgence of open air shopping destinations, we are excited to invest in the next phase of this iconic flea market, a historic staple in Miami-Dade.”

In addition, a new 12-year lease with three five-year options was completed with RER Outdoor Marketplace, which will serve as the new operator of the 43.77-acre flea market located at 12691 and 12705 Northwest 42nd Avenue. The neighboring 28.33-acre auto auction site, Insurance Auto Auctions, located at 12700 Northwest Le Jeune Road was also included in the sale.

Under the leadership of Chris Kallivokas, the Manager of RER Outdoor Marketplace, the lessee plans to renovate and improve the flea market to drive a stronger customer experience and merchant profitability. Plans include parking, restroom, exterior paint, and canopy improvements. RER Outdoor Marketplace is comprised of a group of Miami investors including Barreto, May and Fay.

“In terms of location and value-add potential, the Opa Locka Hialeah Flea Market is a true 'diamond in the rough,'” Barreto tells Globest.com. “It has a long history of operating as the go-to neighborhood flea market, and with the infusion of new capital, significant improvements will be made that will have a lasting effect over our new long-term lease period and for decades to come.”

With 1,100 employees working from the location, the Opa Locka Hialeah Flea Market represents the largest employer facility in Opa-Locka. Ninety percent of the current merchants have operated at the flea market for more than 20 years, and more than 100,000 visitors attend on a weekly basis.