The $126 million sale of most of a sprawling industrial complex next to Miami-Opa-locka Executive Airport — the second biggest industrial transaction in South Florida this year — was no easy deal.
“We literally had 46 contract amendments,” said Wayne Schuchts, who closed the sale.
Bridge Development Partners LLC, a prolific industrial developer, in a joint venture with BentallGreenOak, a Toronto, Ontario-based real estate investment manager, bought 123 acres of the 178-acre AVE Aviation and Commerce Center.
The seller was AVE Aviation and Commerce Center Inc., led by developer Ernesto Cambo, an executive at CPF Investment Group LLC, which developed the AVE industrial park.
Schuchts, an Avison Young principal in Miami, closed the deal Oct. 16. He worked with both AVE and Bridge in the past, which he says helped him overcome the many deal challenges.
“I think because of the relationships that I had with the buyer and seller and that the buyer and seller developed between themselves, we were able to work through really significant deal challenges,” Schuchts said.