Blackstone Lands $51M to Build Warehouse Near Miami
By Julia Echikson August 21, 2023 6:52 pm
reprints
Blackstone (BX) nabbed a $51 million construction loan to build a warehouse complex on a vacant Miami-Dade County site it has owned since 2019, property records show.
The mortgage from AEW Capital Management will go toward constructing two industrial buildings rising 36 feet each, with 96 docks, and totaling 310,456 square feet.
The site spans 8 acres at 9800 NW 87th Avenue and 8593 NW 96th Street, which faces a canal and U.S. Route 27 in Medley, an industrial municipality at the western edge of the county. Link Logistics, an industrial investor and developer founded by Blackstone, purchased the parcel for $7.2 million in 2019, according to property records.
Construction got underway this month, per a notice made to the county, and is expected to be completed next year, said a representative for Link Logistics. Eastdil Secured represented the developer.
The New York-based private equity giant had been active in Medley. Last month, it sold a 187,880-square-foot warehouse three miles north of the site for $50.9 million to Prologis as part of a portfolio deal valued at $3.1 billion.
Other sales in the area have included TA Realty’s $241 million purchase of a 12-building industrial park, which became one of 2022’s largest industrial deals in South Florida.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Update: The article was amended to include Eastdil Secured’s involvement.
