Blackstone Sells Broward Warehouses to Dalfen for $99 Million

New York investment titan Blackstone offloaded a nine-building Broward County warehouse portfolio for $99.6 million, the latest in its series of South Florida industrial deals.

Along with its subsidiary Link Logistics, the investment firm sold a combined 419,300 square feet of industrial space to affiliated entities of Dallas-based Dalfen Industrial, according to property records.

An affiliate of Blackstone sold the 65,800-square-foot warehouse at 3600 Northwest 54th Street in Fort Lauderdale for $17.2 million, which was $260 per square foot. The sale was a major jump from Blackstone’s purchase price of $6.1 million in 2017.

That same affiliate sold another Fort Lauderdale warehouse at 5535 to 5545 Northwest 35th Avenue for $16.1 million. The warehouse spans 63,700 square feet, breaking down to $250 per square foot. It was previously sold in a portfolio with a warehouse at 5400 Northwest 35th Street in Fort Lauderdale for $12.1 million in 2017.

Dalfen Industrial picked up that 68,600-square-foot building for $13.8 million, or $200 per square foot, in the latest sale.

A different Blackstone affiliate sold another two Fort Lauderdale warehouses, one at 3585 Northwest 54th Street for $6.7 million and another at 5330 Northwest 35th Avenue for $3 million. Those buildings were 24,800 square feet and 10,300 square feet, respectively. Blackstone affiliates bought them in 2019.

The sixth property was a 34,950-square-foot building at 3260 Meridian Parkway in Weston, Florida. It sold for $8.3 million, or $240 per square foot.

The portfolio included 6277 Northwest 28 Way, which sold for $10.5 million; 6250 Northwest 27th way, which sold for $7.8 million; and 10501 Commerce Parkway, which went for $16.2 million.

The portfolio is 83 percent leased to nine tenants, according to a Dalfen Industrial news release. They include FedEx, Event Service Group, Chromalloy Material Solutions and Commercial Distribution Specialists.

Dalfen Industrial acquired the portfolio with a $55.5 million mortgage from TIAA that covered the deal’s properties, as well as several others, South Florida Business Journal reported.

Neither Dalfen Industrial nor Link Logistics responded to requests for comment.

The deal comes as South Florida’s industrial market settles into a more balanced period after years of rapid growth, The Real Deal previously reported. In Broward County, net absorption fell to 1.1 million square feet over the past year, while vacancy rose to 6.8 percent in the first quarter, according to ComReal. Even so, sales activity was above long-term historical averages, signaling continued investor interest.

The acquisition of the Broward Logistics Portfolio bumped Dalfen’s industrial real estate holdings in the Southeast up to 11 million square feet.

The deal added to Blackstone and Link Logistics’ string of industrial dispositions, which surpassed $1 billion in 2024, including the sale of a 43.7-acre development site in Opa-Locka to TA Realty for $106.7 million.

Link Logistics has also been a busy buyer. In March, the firm bought a warehouse portfolio in Pompano Beach for $163.1 million. A month later, it picked up an eight-building portfolio in Boynton Beach for $195.9 million.

Those acquisitions are drops in Link Logistics’ sea of industrial real estate, which includes 3,000 warehouses and distribution facilities across over 40 markets nationwide, according to its website.

Dalfen Industrial specializes in last mile properties in the country’s top markets. It has more than 50 million square feet of properties across the U.S. and Canada worth roughly $5 billion, its website said.