Blackstone Sells South Florida Industrial Portfolio for $206M

Blackstone (BX)’s sell-off continues in South Florida. 

The New York-based private equity giant’s industrial affiliate, Link Logistics, sold four warehouses for a combined $205.5 million in Sunrise, Fla., near the Sawgrass Mills outlet mall, property records show. 

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Miami-based Elion Partners acquired the portfolio, which spans 791,618 square feet. The four warehouses were constructed between 1987 and 2003 around the intersection of Florida State Road 869 and Interstate 595, near Everglades National Park. 

In the largest transaction, Elion paid $102.6 million for a 390,022-square-foot warehouse at 13800 Northwest Second Street. Second largest was a 202,693-square-foot building at 800 International Parkway, which sold for $49.7 million. Third was a $38 million, 139,047-square-foot building at 14599 Northwest Eighth Street. The smallest warehouse, which spans 59,856 square feet at 13801 Northwest 4th Street, sold for $15.4 million.   

The largest property previously traded for $42.8 million in 2011, while the remaining three buildings sold for a combined $39.6 million in 2013, according to property records. 

The sale comes less than a month after Blackstone sold another South Florida industrial portfolio to Longpoint Partners. The assemblage included 26 last-mile properties, which together traded for $331 million. 

In another offload, the private equity behemoth sold a 349-unit multifamily property for $121 million last month. 

Representatives for Link Logistics and Elion Partners did not immediately respond to a request for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.