Ares Buys $120M South Florida Industrial Portfolio From Blackstone
Blackstone's South Florida wheeling and dealing isn't slowing down, as it has made its third major transaction in the past two weeks.
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.
