Blackstone Pays $162M for Broward County Warehouses
By Julia Echikson July 23, 2023 6:18 pm
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Blackstone (BX)-affiliate Link Logistics dropped $162 million on an industrial park in Deerfield, Fla., property records show.
The largest building in the Quiet Waters Business Park, which cost $147 million, spans 605,126 square feet at 710 and 750 S Powerline Road. The second warehouse, at 3155 and 3161 SW 10th street, stretches 70,014 square feet. It traded for $15 million.
Together, the deals equate to roughly $240 a square foot.
The seller — PGIM, the asset management arm of Prudential Financial — assembled the sites between 2002 and 2003, paying a little over $10 million, and completed the complex in 2005. Since 2021, the New Jersey-based developer has spent just over $1 million on upgrades, according to property records.
Representatives for both Link Logistics and PGIM did not immediately respond to requests for comment.
Blackstone, one of the largest real estate investors, created Link Logistics in 2019 to buy and develop last-mile warehouses. Its portfolio now includes 3,500 properties, accounting for 545 million square feet across the country.
Earlier this month, Blackstone sold two industrial properties in South Florida for a combined $92 million. The deals were part of a $3.1 billion portfolio sale to San Francisco-based Prologis, the country’s largest industrial investor.
Julia Echikson can be reached at jechikson@commercialovbserver.com.
