Blackstone Proposes 128,000-SF Warehouse Near Miami
By Jeff Ostrowski May 31, 2024 1:50 pm
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Amid an ongoing shortage of industrial space, investment giant Blackstone (BX) plans to build a 127,655-square-foot distribution center in Miami-Dade County’s Airport West distribution area.
Link Logistics, Blackstone’s industrial unit, has asked county officials to build the warehouse in an unincorporated area near Miami Springs and Medley, areas northwest of Miami International Airport.
According to a pre-application filed with Miami-Dade County, Link Logistics wants to develop the 6.35-acre site at 7320 NW 61st Street. A Blackstone entity last year paid $15.5 million for the land, according to property records.
Link Logistics’ plans include a building with 36-foot clearance and 24 truck doors plus 128 parking spaces. Seven tenant suites would range from 15,546 to 32,677 square feet.
Langan Engineering and Environmental Services and architecture firm Ware Malcomb filed the application on behalf of Link Logistics.
According to a first-quarter report from JLL (JLL), the vacancy rate in Miami-Dade’s industrial market was just 2.3 percent, and rents had ballooned to a record $17.42 per square foot. Those numbers are attracting developers – nearly 7.5 million square feet of warehouse space is under construction, much of it in the Airport West and Medley submarkets, JLL said.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
