Blackstone bought eight industrial properties in Miami-Dade County from Elion Partners as part of a $93.5 million portfolio deal in South Florida.
Blackstone’s purchases include properties at 16200 Northwest 49th Avenue and 16100 Northwest 49th Avenue in Hialeah for $11.7 million. The investment firm also bought a warehouse at 7425 Northwest 79th Street in Medley for $8.7 million, and a warehouse at 2875 Northwest 77th Avenue in Miami for $10 million. It also purchased three additional properties in Hialeah and one in Doral.
In total, Blackstone paid $47.6 million for the properties in Miami-Dade County and $46 million for five warehouses in Broward County, in Weston, Coral Springs and Pompano Beach, according to records.
Regions Bank provided Blackstone with a $47.18 million mortgage to acquire the properties, records show.
Miami-based Elion Partners is a real estate investment firm focusing on industrial properties. It manages over $1.5 billion in assets, according to its website.
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.
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.