Blackstone continues to make its South Florida portfolio lighter, selling a Miami Lakes office building for $20.5 million.
An affiliate of Blackstone, the New York-based investment giant led by Stephen Schwarzman, and its subsidiary, Link Logistics, led by Luke Petherbridge, sold the 13.3-acre site at 17100 Northwest 59th Avenue to an entity managed by Ali Ahmed, co-owner of Miami Lakes Automall, records and real estate database Vizzda show.
The deal breaks down to $176 a square foot for the single-story, 116,486-square-foot building that was completed in 1995.
In 2003, Gramercy Property Trust paid $14.3 million for the site, and 15 years later Blackstone acquired Gramercy for $7.6 billion. Gramercy was rebranded as Link Logistics in 2019.
Blackstone and Link Logistics have been on a South Florida selling spree in recent months. In December, Link sold Ironwood Commerce Center, an industrial complex consisting of four warehouses in Opa-locka. Boston-based TA Realty paid $160 million for the 28.3-acre site.
The same month, Link Logistics sold five warehouses in Sunrise for $205.5 million to Miami-based Elion Partners. In November, Boston-based Longpoint Partners acquired a 26-property industrial portfolio across Miami-Dade, Broward and Palm Beach counties from Link Logistics. Longpoint dropped $331.3 million for the portfolio.
All three sales represented the largest industrial deals of 2024.
Also in November, Blackstone sold a 349-unit garden-style apartment community in Miramar for $121.3 million to Greensboro, North Carolina-based Bell Partners. The 17.7-acre complex is made up of 15 three-story apartment buildings and a pair of garages completed in 2012.
Meanwhile, Ahmed has augmented his commercial portfolio in Miami Lakes. In October, an entity managed by the car mogul dropped $38.2 million for a warehouse. New York-based investment firm Brookfield Asset Management sold the 13-acre site.
Ahmed also owns a North Miami office building that he acquired for $39 million in 2023.