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
David Martin and Russell Galbut with a rendering of 500 Alton Road
Miami Beach developers nab $345M construction loan for 500 Alton
Miami Beach developers nab $345M construction loan for 500 Alton
Blackstone’s Jon Gray and 2MiamiCentral (Getty, iStock)
Blackstone buys MiamiCentral office buildings for $230M
Blackstone buys MiamiCentral office buildings for $230M
From left: GLP Capital Partners’ Alan Yang, David Martin and Stephen Bittel with 7777 Northwest 41st Street in Doral (Google Maps; GLP; Terra)
Terra, Terranova sell 24-acre property in Doral for $55M
Terra, Terranova sell 24-acre property in Doral for $55M
Stephen Schwarzman with the site (Getty, Google Maps)
Blackstone pays $21M for Doral industrial dev site
Blackstone pays $21M for Doral industrial dev site
Blackstone's Jon Gray and 2MiamiCentral (Getty)
Blackstone inks lease at MiamiCentral in downtown Miami
Blackstone inks lease at MiamiCentral in downtown Miami
1930 Northwest 23rd Street with (from left) Shane Neman, Richard Kilstock and David Aaron (Getty, Arkadia, Neman Ventures)
Arkadia buys cold storage warehouse in Allapattah for $5M
Arkadia buys cold storage warehouse in Allapattah for $5M
Blackstone's Jonathan Gray and Stephen Schwarzman (Getty, iStock)
Blackstone to open office in South Florida
Blackstone to open office in South Florida
Jon Gray, 16100 Northwest 49 Avenue and 16200 Northwest 49 Avenue, Miami Gardens (Credit: Google Maps)
Blackstone snags eight industrial properties in Miami-Dade
Blackstone snags eight industrial properties in Miami-Dade
arrow_forward_ios

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

Loading...