Blackstone and Link Logistics unloaded another set of South Florida warehouses.
Affiliates of Blackstone, a New York-based investment giant led by Stephen Schwarzman, and its Link subsidiary sold three industrial sites in Dania Beach and Miramar for a combined $120.5 million to Ares Management, records and real estate database Vizzda show.
Link, also based in New York, is led by Luke Petherbridge. Los Angeles-based Ares is led by Michael Arougheti.
In the largest deal, Ares paid $69.4 million for Miramar Distribution Center, a 14.5-acre distribution facility at 11500 Miramar Parkway. The purchase breaks down to $236 per square foot for the 293,549-square-foot building completed in 2001.
Ares also bought an 81,727-square-foot warehouse for $25.7 million that is also in Miramar, at 2650 Southwest 145th Avenue. The firm paid $314 per square foot for the building completed in 2007 on a 6.7-acre site.
In Dania Beach, Ares dropped $25.4 million for Port Everglades Distribution Center, an 82,500-square-foot facility on 4.3 acres at 1900 Northeast Seventh Avenue. The purchase breaks down to $307 a square foot.
Blackstone is having an active month, recently paying $115.9 million for an 11-building apartment community with 359 units in Miami Lakes. Also this month, Blackstone sold a 13.3-acre office property in Hialeah for $20.5 million to Miami Lakes-based car dealer Ali Ahmed.
The latest portfolio sale to Ares is the fourth nine-figure industrial deal in a six-month span involving Blackstone and Link as the sellers. In November, Boston-based Longpoint Partners paid $331.3 million for a 26-property industrial portfolio across Miami-Dade, Broward and Palm Beach counties. The sale represented the priciest South Florida industrial deal of 2024.
In December, Blackstone sold two other South Florida portfolios in separate deals for $206.5 million to Miami-based Elion Partners, and for $160 million to Boston-based TA Realty, respectively. Both purchases ranked as the second and third biggest South Florida industrial deals of 2024.