Blackstone buys industrial portfolio near Miami airport for $56M

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

TRD 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
Industrial sales are up

South Florida’s industrial sales jump to over $1B in Q3 2019

1000 Southeast 8th Street, Andrew Gurewitsch and Harry Weisman and Barry Katz

Duty Free Americas owner will have to pay taxes on this sale

690 Northwest 13 Street and Francisco Martínez-Celeiro (Credit: Google Maps, Wikipedia)

The final act: Spaghetti western star sells Overtown warehouse for $10M

Daily Digest Miami

Scaramucci slashes his sights on his Opportunity Zone fund, Florida’s first LGBTQ+ senior housing development breaks ground: Daily digest

Rendering of Bridge Point 595 and Kevin Carroll

Bridge Development nabs $60M loan for Davie industrial project

8150 NW 64th Street and Longpoint Realty Managing and Founding Partner Dwight Angelini (Credit: Google Maps)

Longpoint Realty picks up warehouse near MIA

Brookfield Property Group’s Brian Kingston and 3400 Northwest 74th Avenue (Credit: Google Maps)

Brookfield picks up more industrial properties near MIA for $83M

Blackstone CEO Stephen A. Schwarzman and 5120 Northwest 165 Street

Blackstone buys two Miami Gardens industrial properties for $14M

arrow_forward_ios