Blackstone bought a mostly vacant Pompano Beach industrial site for $9.6 million as the private equity giant continues to target South Florida.
Blackstone bought the 9.2-acre site at Southwest 13th Court for $1.04 million per acre, records show. The firm bought the property from Edwin B. Stimpson Company. The Pompano Beach-based company, now known as Stimpson, is a manufacturer of grommets and washers and eyelets.
The property sits near North Andrews Avenue and West McNab Road. Blackstone could potentially build a new warehouse on the site.
Demand for vacant industrial sites in South Florida is high as land becomes more scarce.
In July, a Blackstone affiliate bought two industrial vacant lots in Medley for $7.2 million.
In Broward County, industrial rental rates rose to $8.76 in the second quarter from $8.21 a year earlier, according to a recent report from Colliers International South Florida. In the second quarter, 531,552 square feet of new industrial properties in Broward County were completed.
Due to the lack of available land, developers in Broward County are increasingly buying smaller industrial sites to develop a single distribution building of 100,000 square feet or less, according to the report.