Blackstone buys industrial portfolio near Miami airport for $56M

Demand for industrial properties, especially near MIA, has increased significantly over the years

Miami /
Aug.August 21, 2019 03:00 PM
3208 Northwest 72 Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps and Getty Images)

3208 Northwest 72 Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps and Getty Images)

Blackstone bought a huge industrial portfolio next to Miami International Airport for $56 million.

The private equity giant bought the three warehouses totaling 367,848 square feet at 3208 Northwest 72nd Avenue and 3108 Northwest 72nd Avenue for $152 per square foot, records show. Airport Trade Center, which lists Haim Yehezkel as one of its principals, is the seller. Yehezkel leads the real estate firm Elysee Investments in Miami Beach.

The warehouses were built in 1972 and last traded for $13 million in 1999.

Demand for industrial properties, especially those near the airport, has increased significantly in recent years due to the rise of e-commerce.

In Miami Dade-County, vacancy rates held steady at 4 percent in the second quarter compared to the same period of 2018, even with 725,000 square feet of newly completed construction, according to a recent report by Colliers International South Florida.

Blackstone has been betting big on industrial properties on a global scale.

In March, the company paid $18.7 billion for warehouse assets across the U.S in one of the largest industrial real estate deals in history.

Blackstone is also assembling $6.8 billion worth of its European warehouse properties into a new company that it ultimately will list publicly or sell.

In South Florida, Blackstone recently closed on a Pompano Beach industrial site at Southwest 13th Court for $9.6 million. In July, a Blackstone affiliate bought two industrial vacant lots in Medley for $7.2 million.


Related Articles

arrow_forward_ios
SROA Capital's Ben Macfarland III with 000 Pembroke Road (LinkedIn, Loopnet)
SROA Capital pays $20M for Hallandale Beach industrial-flex property
SROA Capital pays $20M for Hallandale Beach industrial-flex property
LBCW Investments' Clay Hamlin III with 1100 25th Street and 1426 Skees Road (Loopnet, LBCW)
Industrial play: Alliance HP trades one West Palm complex for another
Industrial play: Alliance HP trades one West Palm complex for another
Seagis' Bradlee Lord with 10900 Northwest 138th Street (Seagis Property Group, iStock)
Seagis doubles down in Medley, paying $24M for two industrial facilities
Seagis doubles down in Medley, paying $24M for two industrial facilities
 EverWest Real Estate Investors’ Rick Stone with  635 Northwest Fourth Ave (LinkedIn, Loopnet)
EverWest pays $14M for Fort Lauderdale industrial property
EverWest pays $14M for Fort Lauderdale industrial property
Seagis Property Group's Bradlee Lord and 13399 Northwest 113th Avenue Road in Medley (Google Maps, Seagis)
Outdoor storage demand keeps on truckin’: Seagis pays $15M for trailer parking lot in Medley
Outdoor storage demand keeps on truckin’: Seagis pays $15M for trailer parking lot in Medley
Lease roundup: BH3’s Fabrick project in Fort Lauderdale’s Progresso Village fully leased
Lease roundup: BH3’s Fabrick project in Fort Lauderdale’s Progresso Village fully leased
Lease roundup: BH3’s Fabrick project in Fort Lauderdale’s Progresso Village fully leased
From left: Dave Benson of Morningstar Properties; Tim Petrillo of Urban Street Development; 125 Northwest Fourth Street in Fort Lauderdale (Urban Street Development, Morningstar Properties, Google Maps)
Morningstar pays $30M for self-storage facilities in Fort Lauderdale’s Flagler Village
Morningstar pays $30M for self-storage facilities in Fort Lauderdale’s Flagler Village
Link Logistics' Luke Petherbridge (Link Logistics, Calder Casino, iStock)
Take two: Blackstone affiliate proposes industrial complex with movie studio at Calder’s horse racing track
Take two: Blackstone affiliate proposes industrial complex with movie studio at Calder’s horse racing track
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...