Blackstone buys two Miami Gardens industrial properties for $14M

Blackstone is amassing an industrial portfolio in South Florida

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.

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