Blackstone pays $46M for Broward industrial properties

The deal includes several warehouses in Weston, Coral Springs and Pompano Beach

Miami /
Aug.August 11, 2020 04:45 PM
Shlomo Khoudari, Managing Partner at Elion Partners, and Stephen A. Schwarzman, CEO of the Blackstone Group, with 1800-1880 North Commerce Parkway, Weston, and 3400-3450 Park Central Boulevard, Pompano Beach (Credit: Google Maps)

Shlomo Khoudari, Managing Partner at Elion Partners, and Stephen A. Schwarzman, CEO of the Blackstone Group, with 1800-1880 North Commerce Parkway, Weston, and 3400-3450 Park Central Boulevard, Pompano Beach (Credit: Google Maps)

An affiliate of Blackstone bought several industrial properties in Broward County from Elion Partners for $46 million.

The warehouses are spread between Weston, Coral Springs and Pompano Beach, records show. Elion had paid about $35 million in total for the properties in 2018 and 2019.

The sale includes three warehouses at 1800-1880 North Commerce Parkway in Weston, totaling about 66,000 square feet, for $12.7 million. Elion had paid $9 million for the properties in 2018, records show. Tenants include medical devices company Venus Concept and product designer manufacturer Nikao.

In Coral Springs, Blackstone paid $6.3 million for an industrial building at 3880-3898 Northwest 124th Avenue, with 43,000 square feet. Elion had paid $4.8 million for the property in 2018, according to records. Tenants include Waveguide Communications, a technology Infrastructure and services company; and JR’S POS Depot, an electronic transaction services provider.

Blackstone also paid $15.2 million for an industrial building with about 91,000 square feet of space at 2121 Northwest 15th Avenue in Pompano Beach. Elion had paid $10.6 million for the property in 2019, records show. PepsiCo operates out of the building.

Also in Pompano Beach, the real estate investment firm paid $6.7 million for a group of industrial buildings at 935 Northwest 31st Avenue, representing more than 29,000 square feet of space. Elion had bought the buildings for $4.3 million in 2018, according to records.

Finally, Blackstone paid $5 million for a building with more than 41,000 square feet at 3400-3450 Park Central Boulevard in Pompano Beach. Elion paid $4.2 million for the property in 2018. Tenants include Richelieu, an importer, distributor and manufacturer of specialty hardware, which has occupied the space since 1990, according to an online listing.

Despite the global pandemic, South Florida’s industrial real estate market has remained strong. Its second quarter proved to be its strongest period in three years, according to a recently released report from Newmark Knight Frank.

Duke Realty recently inked a lease that will take up 72 percent of the company’s proposed 718,000-square-foot business park in Medley called Miami 27.

Last month, the Easton Group sold a warehouse in Royal Palm Beach for $15.5 million, and Bridge Development Partners and PGIM Real Estate bought a 20-acre site in Hialeah, with plans to build a spec cold storage facility.

Large institutional buyers such as Brookfield, Blackstone, and Prologis have increasingly been buying industrial properties and last-mile distribution facilities across South Florida, as demand for e-commerce continues to grow.

And Blackstone-related deals in South Florida haven’t been all business: In July, a company tied to a top executive at Blackstone bought a waterfront home on Palm Beach’s Everglades Island for $10 million.


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