Blackstone's South Florida wheeling and dealing isn't slowing down, as it has made its third major transaction in the past two weeks.
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Link Logistics, the asset management giant’s industrial arm, sold two warehouses in Miramar and another in Dania Beach to Ares Management for a combined $120.5M, according to property records provided by Vizzda.
Blackstone sold the 293K SF warehouse on 14 acres at 11500 Miramar Parkway for $69.4M and an 81K SF warehouse close by at 2650 SW 145th Ave. for $25.7M. Both of those facilities are roughly two decades old.
Ares also bought the Port Everglades Distribution Center in Dania Beach, which was built in 2022. The 82K SF building on 4 acres at 1900 NE Seventh Ave. sold for $25.4M.
Link Logistics and Blackstone didn't respond to Bisnow’s request for comment. Ares declined Bisnow’s request for comment.
The portfolio sale comes just a few months after Link Logistics executed one of South Florida's largest sales of 2024, selling a 26-property portfolio for $331.3M to Longpoint Partners.
Blackstone has been active in other asset classes locally as well. Last week, an entity tracing to Blackstone purchased the 359-unit Solea at Miami Lakes apartment complex in Hialeah from Greystar for $116M.
Also last week, Gramercy Property Trust, which Blackstone purchased in 2018, sold a 116K SF Hialeah office building for $20.5M.
Ares has made a major push into commercial real estate and acquired Singapore-based GLP Capital Partners' industrial asset manager for $3.7B in October. The deal made Ares the third-largest industrial landlord worldwide, the California-based private equity manager said at the time.
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