Blackstone buys two Miami Gardens industrial properties for $14M

Blackstone is amassing an industrial portfolio in South Florida

Miami /
Oct.October 01, 2019 05:00 PM
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.

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.


Related Articles

arrow_forward_ios
Landlords keep raising office space rents despite a grim outlook for vacancy rates (Getty)
Miami office vacancy rates reach Great Recession levels
Miami office vacancy rates reach Great Recession levels
5801 Northwest 49th Avenue in Miami Gardens and Lightstone CEO David Lichtenstein (Google Maps, Lightstone)
Lightstone pays $20M for Miami Gardens warehouse leased to Moishe Mana
Lightstone pays $20M for Miami Gardens warehouse leased to Moishe Mana
Leon Ojalvo with Blue Lake Village Apartments (SRE Commercial Group)
Investor buys multifamily complex near Miami Shores for $15M
Investor buys multifamily complex near Miami Shores for $15M
Lynd CEO A. David Lynd and Lynd Acquisition Group President Constantine Scurtis with Parc Place Apartments at 17600 Northwest Fifth Avenue in Miami Gardens (Parc Place)
Lynd pays $41M for Miami Gardens apartments
Lynd pays $41M for Miami Gardens apartments
Exeter Property Group CEO Edward “Ward” Fitzgerald and the Miami Gardens property. (Google Maps, Exeter)
Exeter Property Group buys Miami Gardens industrial property for $14M
Exeter Property Group buys Miami Gardens industrial property for $14M
EverWest CEO Rick Stone and TA Realty Managing Partner James Buckingham with 14001 Northwest 112th Avenue (Google Maps)
TA Realty buys Hialeah Gardens warehouse for $26M
TA Realty buys Hialeah Gardens warehouse for $26M
Preminger Investments principal Zachary Preminger and a Lincoln Square (Lincoln Square via J. Christopher Photography, Preminger via LinkedIn)
TM Real Estate sells Miami Gardens office park for $15M
TM Real Estate sells Miami Gardens office park for $15M
Bridge Development Partners' Steve Poulos and Kevin Carroll with Building C at Bridge Point Commerce Center in Miami Gardens (Bridge Development Partners)
City Furniture leases Miami Gardens distribution center
City Furniture leases Miami Gardens distribution center
arrow_forward_ios

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

Loading...