Blackstone Sells South Florida Warehouse Porfolio For $121M
The deal includes three warehouses totaling approximately 458,000 square feet.
The deal includes three warehouses totaling approximately 458,000 square feet.
The building features 24’ clear span heights, a 335’ building depth, 49 loading positions, and 95’ to 150’ truck court depths.
The facility was 100% leased to 12 tenants that are critical to the local economy and service the immediate area.
José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento with CBRE National Partners, represented the seller, Manova Partners, in the transaction.
The property consists of three 36-foot clear height rear-load industrial distribution buildings containing approximately 495,000 square feet on 23.4 acres.
The park encompasses four warehouses that are 65% leased to six tenants.
The portfolio is primarily located in Miami-Dade, Broward, and Palm Beach counties and stands to benefit from the Golden Glades Interchange Enhancement.
A real estate fund managed by Ares Management purchased the portfolio from a joint venture (JV) partnership between Greystar and Butters Construction & Development.
CBRE National Partners’ José Lobón, Trey Barry, Frank Fallon, and Royce Rose represented the seller, New York-based Lightstone in partnership with Mavik Capital, in the transaction.
The two-building portfolio was fully leased at the time of sale.
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