Blackstone pays $12.5M for two Orlando warehouses
An arm of The Blackstone Group bought two warehouses near Orlando International Airport for $12.5 million, or $99 per square foot.
A unit of Blackstone called Equity Office Management LLC bought the two warehouses from an entity linked to High Street Realty Co., based in Boston.
High Street Realty had paid $10 million in 2015 for the two warehouses: the Southport Industrial Center at 10805 Southport Drive in Orlando, which was built in 2007, and the Palmbay Center at 10950 Palmbay Drive, built in 2003.
The warehouse acquisitions are among several Orlando properties that Blackstone has acquired this month.
Blackstone entity BREIT MF 55 West LLC paid $105 million for a 461-unit apartment building called 55 West and a 74,000-square-foot commercial building, both located downtown on Church Street.
Another Blackstone entity spent $70.25 million to buy a 432-unit apartment property called the Estates at Park Avenue, located at 2801 Biltmore Park Drive in Orlando. [Orlando Business Journal] — Mike Seemuth