Blackstone Portfolio In South Florida Trades For $331 Million
The portfolio is primarily located in Miami-Dade, Broward, and Palm Beach counties and stands to benefit from the Golden Glades Interchange Enhancement.
The portfolio is primarily located in Miami-Dade, Broward, and Palm Beach counties and stands to benefit from the Golden Glades Interchange Enhancement.
The San Francisco-based real estate investment trust scooped up the one-story building at 9700 Northwest 112th Avenue in an unincorporated area of Miami-Dade County from TracFone Wireless.
The Class A infill industrial portfolio consists of seven buildings totaling 677,789 square feet.
The hotels sit on neighboring parcels along Interstate 95 within Dania Pointe.
The firm, led by CEO Malcolm Butters, has been involved in developing industrial projects totaling 5 million square feet with a value of over $1 billion.
The Butters Realty & Management Industrial Brokerage Team of JC Conte, SIOR and Brian T. Ahearn, CCIM represented the interest of Challenge Warehousing, Inc. in the transaction. Tom O’Loughlin and Larry Genet with CBRE represented the Landlord, Link Logistics.
Year-over-year, the Miami industrial market experienced a 53 percent jump in rent.
Rodolfo Alvarez in Southwest Ranches manages all three of the sellers.
The JLL team of Katie Fernandez-Espinosa, Zach Winkler, and Rafael Romero represented MiamiCentral in the lease negotiations.
Blackstone intends to create a new office to expand the firm’s in-house technology capabilities with plans to hire more than 200 tech-focused employees in Miami in the coming years.
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