Blackstone Sells South Florida Warehouses to Ares for $120M

Two private equity giants, Blackstone (BX) and Ares Management (ARES), traded hands over a 456,219-square-foot industrial portfolio in Broward County, Fla.

Blackstone, through its Link Logistics division, sold three warehouses for a combined $120.5 million to Ares Industrial Real Estate Income Trust, property records show. 

The largest building, which spans 293,459 square feet on 14.5 acres, sold for $69.4 million. The building was completed in 2001 at 11500 Miramar Parkway, just north of the Florida Turnpike, in Miramar. New York-based Blackstone bought it for $36.5 million in 2012.

The other two buildings traded for about the same amount: $25.7 million and $25.4 million. 

The more expensive building spans 80,260 square feet across 6.7 acres at 2650 Southwest 145th Avenue in Miramar, just east of Interstate 75, about three miles east of the largest warehouse. The facility was completed in 2008. Blackstone acquired it for $11 million in 2017.

The other, 82,500-square-foot building is at 1900 Northeast 7th Avenue in Dania Beach, just east of the Fort Lauderdale-Hollywood International Airport. Blackstone developed the warehouse, completing it in 2023. 

In the past few months, Ares has been ramping up investments in South Florida after signing a  10,500-square-foot office lease in Miami Beach last year. The L.A.-based firm paid $147 million for a newly built industrial park in Miami-Dade County. It also bought a 10 percent stake in the NFL’s Miami Dolphins team. The transaction included minority ownership of the Hard Rock Stadium, where the football team plays. 

Representatives for Blackstone and Ares did not immediately respond to a request for comment.

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