Blackstone Affiliate Sells Industrial Site for $65 Million

A Blackstone affiliate cashed out on the former Sun Sentinel printing press site in Deerfield Beach, selling the industrial warehouse for $65 million.

An entity tied to Link Logistics and a Blackstone subsidiary sold the 383,000-square-foot property at 333 Southwest 12th Avenue to an entity tracing to J.P. Morgan Asset Management, according to property records. The deal worked out to about $170 per square foot.

The 23-acre site includes one three-story building constructed in 1988. That building used to house some of the Sentinel’s offices and its printing equipment, The Real Deal previously reported.

Blackstone acquired the property as Gramercy Property Trust for $25.5 million in 2016, records show. The seller in that transaction was Tribune Media, the newspaper’s landlord and former parent company of Tribune Publishing. The deal worked out to $67 per square foot.

Blackstone and Link Logistics have been involved in a string of recent industrial dispositions. Last month, the investment firm offloaded a nine-building Broward County warehouse portfolio for $99.6 million. Blackstone was also behind the sale of a 43.7-acre development site in Opa-Locka, which it sold last year to TA Realty for $105.7 million. The firm’s industrial sell-off surpassed $1 billion as of last year.

Founded by Blackstone in 2019, Link Logistics is one of the largest owners and operators of last-mile industrial real estate in the country, with about 3,000 warehouses and distribution facilities across more than 40 markets, according to its website. The company leases industrial space to more than 7,200 businesses, its website said.

J.P. Morgan Asset Management, led by George Gatch, is the investment management arm of JPMorgan Chase & Company. It provides more than 250 investment strategies and manages over $4 trillion in assets, according to its website.