Blackstone pays $21M for Doral industrial dev site

Deal equates to $1.17M an acre

Stephen Schwarzman with the site (Getty, Google Maps)
Stephen Schwarzman with the site (Getty, Google Maps)

A company affiliated with Blackstone Group and its Revantage corporate services company paid $21 million for about 18 acres of vacant land in Doral.

New York-based Blackstone bought the land near Northwest 99th Avenue and Northwest 66th Street, south of a landfill treatment facility, according to records. The deal equates to $1.17 million an acre.

A representative from Blackstone could not be reached for comment.

The seller is Kelly Tractor Co., an agricultural equipment dealer owned by the Kelly family. The company was founded in 1925 and is based in Miami.

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Last year, Kelly Tractor received city approval to build industrial buildings on the land.

Blackstone, New York’s largest rental landlord of 2020, is led by Stephen Schwarzman. Chicago-based Revantage is led by Matt DeMonte.

Blackstone’s activity in 2020 included one of the largest industrial deals in South Florida: it’s $93.5 million purchase of 13 industrial properties in Miami-Dade and Broward counties. In Southern California, the company purchased two buildings in Van Nuys for $83 million. It also provided new debt for an 80-story, 815-unit condo tower in Two Bridges in New York last year.

Earlier this month, Blackstone signed a long-term lease in downtown Miami, cementing its planned expansion to South Florida.