Blackstone Sells Broward Warehouses to Dalfen for $99M

New York investment titan Blackstone unloaded a nine-building Broward County warehouse portfolio for $99.6 million, the latest in its series of South Florida industrial deals.

Along with its subsidiary, Link Logistics, the investment firm sold a combined 419,300 square feet of industrial space to affiliated entities of Dallas-based Dalfen Industrial, according to property records.

An affiliate of Blackstone sold the 65,800-square-foot warehouse at 3600 NW 54th Street in Fort Lauderdale for $17.2 million, which was $260 per square foot. The sale was a major jump from Blackstone’s purchase price of $6.1 million in 2017.

That same affiliate sold another Fort Lauderdale warehouse at 5535 to 5545 NW 35th Avenue for $16.1 million. The warehouse was 63,700 square feet, breaking down to $250 per square foot. It was previously sold in a portfolio with a warehouse at 5400 NW 35th Street in Fort Lauderdale for $12.1 million in 2017.

Dalfen Industrial picked up that 68,600-square-foot building for $13.8 million, or $200 per square foot, in the latest sale.

A different Blackstone affiliate sold another two Fort Lauderdale warehouses, one at 3585 NW 54th Street for $6.7 million and another at 5330 NW 35th Avenue for $3 million. Those buildings were 24,800 square feet and 10,300 square feet, respectively. Blackstone affiliates bought them in 2019.

The sixth property was a 34,950-square-foot building at 3260 Meridian Parkway in Weston, Florida. It sold for $8.3 million, or $240 per square foot.

The final properties in the Broward Logistics Portfolio included 6277 Northwest 28 Way, selling for $10.5 million, 6250 Northwest 27th way, which sold for $7.8 million, and 10501 Commerce Parkway for $16.2 million.

The portfolio is currently 83 percent leased to nine tenants, according to a Dalfen Industrial press release. They include FedEx, Event Service Group Realestate, LLC, Chromalloy Material Solutions, LLC, and Commercial Distribution Specialists, Inc.

Dalfen Industrial acquired the portfolio at 55 percent replacement cost with a $55.5 million mortgage from TIAA that covered the deal’s properties, as well as several others, South Florida Business Journal reported.

Neither Dalfen Industrial nor Link Logistics responded to requests for comment.

The deal comes as South Florida’s industrial market settles into a more balanced period after years of rapid growth, The Real Deal previously reported. In Broward County, net absorption fell to 1.1 million square feet over the past year, while vacancy rose to 6.8%, according to a first quarter market report. Even so, sales activity was above long-term historical averages, signaling continued investor interest.

“South Florida remains one of the country’s strongest industrial regions, supported by population growth, port activity and long-term e-commerce demand drivers,” Regional Senior Vice President for Dalfen Industrial’s South east region said in the press release.

The acquisition of the Broward Logistics Portfolio bumped the firm’s industrial real estate in the Southeast up to 11 million square feet.

The deal also added to Blackstone and Link Logistics’ string of industrial dispositions, which surpassed $1 billion in 2024, including the sale of a 43.7-acre development site in Opa-Locka to TA Realty for $106.7 million.

Link Logistics has also been a busy buyer. In March, the firm bought a warehouse portfolio in Pompano Beach for $163.1 million. A month later, it picked up an eight-building portfolio in Boynton Beach for $195.9 million.

Those acquisitions are small drops in Link Logistics’ sea of industrial real estate, which includes 3,000 warehouses and distribution facilities across over 40 markets nationwide, according to its website.

Dalfen Industrial specializes in last mile properties in the country’s top markets. It has more than 50 million square feet of properties across the U.S. and Canada worth roughly $5 billion, its website said.