Blackstone acquired two industrial properties in Miami Gardens for $13.6 million, adding to its growing South Florida portfolio.
The private equity giant bought the combined 122,078-square-foot industrial site at 5120 Northwest 165th Street from TA Realty for $111 per square foot, records show. The properties are in the Palmetto Lakes Industrial Park.
TA bought the properties in 2013 for $3.9 million, records show. The main warehouse on the property was built in 1977.
Blackstone is betting big on industrial properties on a global scale. This week, Blackstone bought Colony Capital’s national warehouse portfolio for $5.9 billion.
In March, the company paid $18.7 billion for warehouse assets across the U.S in one of the largest industrial real estate deals in history.
Blackstone also bought a huge industrial portfolio next to Miami International Airport for $56 million in August. The company bought three warehouses totaling 367,848 square feet at 3208 Northwest 72nd Avenue and 3108 Northwest 72nd Avenue for $152 per square foot.
In South Florida, the industrial market remains one of the area’s best performing asset classes.
In Miami Dade-County, vacancy rates held steady at 4 percent in the second quarter compared to the same period of 2018, even with 725,000 square feet of newly completed construction, according to a recent report by Colliers International South Florida.