Blackstone Sells South Florida Warehouse Porfolio For $121M

Blackstone has sold a portfolio of industrial properties in South Florida to Ares Management for $121 million.

The deal includes three warehouses located in Broward county – two in Miramar and one in Dania Beach – totaling approximately 1.2 million square feet. These properties are fully leased, with tenants including logistics and e-commerce companies.

In the largest deal, Ares paid $69.4 million for Miramar Distribution Center, a 14.5-acre distribution facility at 11500 Miramar Parkway. The purchase breaks down to $236 per square foot for the 293,549-square-foot building completed in 2001.

Ares also bought an 81,727-square-foot warehouse for $25.7 million that is also in Miramar, at 2650 Southwest 145th Avenue. The firm paid $314 per square foot for the building completed in 2007 on a 6.7-acre site.

In Dania Beach, Ares dropped $25.4 million for Port Everglades Distribution Center, an 82,500-square-foot facility on 4.3 acres at 1900 Northeast Seventh Avenue. The purchase breaks down to $307 a square foot.

The sale reflects Blackstone’s ongoing strategy to divest from certain industrial assets in the region.

Ares Management, a global investment firm, has been actively expanding its industrial real estate holdings. This acquisition is part of their broader strategy to invest in high-quality logistics properties in key markets. The South Florida industrial market remains robust, driven by strong demand from e-commerce and distribution sectors.

José Lobon, Frank Fallon, Trey Barry, Royce Rose, Gabriel Braun and Daniel Sarmiento with CBRE National Partners arranged the transaction on behalf of Blackstone.

 

Source:  Commercial Observer