Blackstone buys two Miami Gardens industrial properties for $14M

Blackstone is amassing an industrial portfolio in South Florida

Blackstone CEO Stephen A. Schwarzman and 5120 Northwest 165 Street
Blackstone CEO Stephen A. Schwarzman and 5120 Northwest 165 Street

Blackstone acquired two industrial properties in Miami Gardens for $13.6 million, adding to its growing South Florida portfolio.

The private equity giant bought the combined 122,078-square-foot industrial site at 5120 Northwest 165th Street from TA Realty for $111 per square foot, records show. The properties are in the Palmetto Lakes Industrial Park.

TA bought the properties in 2013 for $3.9 million, records show. The main warehouse on the property was built in 1977.

Blackstone is betting big on industrial properties on a global scale. This week, Blackstone bought Colony Capital’s national warehouse portfolio for $5.9 billion.

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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 also bought a huge industrial portfolio next to Miami International Airport for $56 million in August. The company bought three warehouses totaling 367,848 square feet at 3208 Northwest 72nd Avenue and 3108 Northwest 72nd Avenue for $152 per square foot.

In South Florida, the industrial market remains one of the area’s best performing asset classes.

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.