Blackstone teamed up with its subsidiary Link Logistics to buy an industrial site in northwest Miami-Dade.
The joint venture paid $15.5 million for a boat and truck yard spanning 6.3 acres at 7320 Northwest 61st street, according to records and Vizzda. The property also has a 5,000-square-foot warehouse completed in 1975.
The seller is an entity managed by Stuart Davant in Miami. The previous sale price is not available in records.
Blackstone, the New York-based investment giant, launched Link Logistics in 2019 after its $7.6 billion acquisition of real estate investment trust Gramercy Property Trust, which specialized in industrial real estate.
Link Logistics, led by CEO Luke Petherbridge, paid $291 million for the former Calder’s horse racing track in Miami Gardens last year. The firm, also based in New York, plans to redevelop the 115.7-acre property into an industrial complex and movie studios.
Also last year, Blackstone went on an economy hotel shedding spree. In August, the firm sold three Motel 6 properties and two Studio 6 hotels in Coral Springs, Cutler Bay, Dania Beach, Fort Lauderdale and West Palm Beach for a combined $61 million. And in November, Blackstone sold a Hampton Inn & Suites hotel in Tamarac for $17.8 million.
South Florida’s industrial market continued to show signs of stability in the first quarter of this year, with landlords pushing up rents by double digit percentages, according to a CBRE report.
In Miami-Dade County, industrial asking rents reached $14.25 a square foot in the first quarter, a 14 percent increase compared to the same period of last year. The vacancy rate remained flat at 3.2 percent, the same as in the first quarter in 2022
In the first three months of the year, industrial developers delivered 3.1 million square feet of new warehouse space in Miami-Dade, the report states.