Link Logistics secured a $95 million loan for a quartet of recently completed warehouses in Medley.
An affiliate of New York-based GID provided the loan to Link Logistics, the industrial real estate subsidiary of investment giant Blackstone, led by CEO Stephen Schwarzman. Both firms are headquartered in New York.
The mortgage is secured by Palmetto 74 Logistics Center, a collection of four industrial buildings at 8100 and 8130 Northwest 74th Court that were completed last year, records show. The complex has a combined 403,496 square feet of warehouse space.
A JLL team led by Audley Bosch and Brian Smith is handling leasing on behalf of Link, which is led by CEO Luke Petherbridge.
In 2017, New York-based Gramercy Property Trust paid $13.2 million for the property, which at the time was home to seven smaller industrial buildings, records show. A year later, Blackstone bought Gramercy, an industrial focused real estate investment firm, for $7.6 billion, and subsequently launched Link.
In 2021, Link demolished the previous buildings and started construction on the new warehouses a year later, records show.
Link and Blackstone are among the most active institutional players in South Florida’s industrial market. In May, Link purchased a 93,873-square-foot manufacturing and distribution facility in Pompano Beach for $20.7 million. In the same city, the firm paid $28.6 million last year for a 124,000-square-foot warehouse leased to national grocer Whole Foods Market.
Also last year, Link acquired a seven-building industrial campus in Deerfield Beach for $162 million, as well as a 6.3-acre boat and truck yard in unincorporated Miami-Dade County for $15.5 million.
Link and Blackstone are also developing the planned Sycamore Logistics Center in Medley. Last year, the joint venture landed a $51 million construction loan to build the project, which will consist of two warehouses spanning 310,456 square feet.