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Blackstone subsidiary expands industrial portfolio in Pompano Beach with $21M purchase
Link Logistics picked up 94K sf facility fully leased to The Shade Store
Blackstone’s Link Logistics expanded its Pompano Beach industrial portfolio with its recent $20.7 million purchase of a manufacturing and distribution facility.
An affiliate of Link, a New York-based industrial real estate firm led by CEO Luke Petherbridge, acquired a 93,873-square-foot warehouse at 3141 Southwest 10th Street, records show. The deal breaks down to $221 per square foot.
A Cushman & Wakefield team led by Dominic Montazemi represented the seller, an affiliate of Miami-based Elion Partners, a press release states. In 2020, Elion paid $11.6 million for the 5.3-acre site, records show. The facility was completed in 2001 when it was leased to Bennett Auto Supply.
The building is currently leased to The Shade Store, a manufacturer of window treatments, shades, blinds, curtains, and drapes, a press release states.
Link, a subsidiary of New York-based investment giant Blackstone, retained a Cushman & Wakefield team led by Matthew McAllister to handle leasing efforts. A Cushman & Wakefield spokesperson declined to comment about The Shade Store’s lease.
Last year, Link bought a distribution center in Pompano Beach leased to Whole Foods. The firm paid $28.6 million for the 124,000-square-foot warehouse completed in 2007.
Link is a subsidiary of Blackstone, the New York-based investment giant led by CEO Stephen Schwarzman. Also last year, Link acquired an industrial campus with seven buildings in Deerfield Beach for $162 million. In Miami-Dade County, Link and Blackstone purchased a 6.3-acre boat and truck yard for $15.5 million.
In addition to acquiring South Florida industrial sites, Blackstone and Link are also developing warehouses. The companies last year landed a $51 million construction loan to build Sycamore Logistics Center, a planned project consisting of two warehouses spanning 310,456 square feet in Medley.
Recently, Blackstone beefed up its South Florida hospitality portfolio, paying $97.7 million for the W Fort Lauderdale. An affiliate of Steve Ross’ Related Companies sold the 346-room oceanfront hotel.