Blackstone continued lightening its industrial property load in South Florida, selling five Sunrise warehouses for a combined $205.5 million. The deal is on the heels of the New York-based institutional giant’s $331.3 million sale of 10 industrial properties in Miami-Dade, Broward and Palm Beach counties last month.
Affiliates of Blackstone subsidiary Link Logistics sold the industrial facilities to Miami-based Elion Partners, led by managing partners Shlomo Khoudari, Jack Azout, Juan DeAngulo and Sylvain Argy, records and real estate database Vizzda show. Blackstone is led by CEO Steven Schwarzman and Link is led by CEO Luke Petherbridge. Both firms are based in New York.
In the largest deal, Elion paid $102.6 million for Marina West Business Center, a two-building complex spanning 390,000 square feet, completed in 2002. The 29-acre site is at 13800-13900 Northwest Second Street.
The buyer also acquired International Center, a 202,693-square-foot warehouse at 800-900 International Parkway, built in 1994, for $49.6 million; and Sunrise Distribution Center, a 139,047-square-foot facility at 14599 Northwest Eighth Street, completed in 1995, for $37.9 million.
In the smallest deal, Elion purchased Sawgrass Center, a 59,856-square-foot industrial building at 13801-13807 Northwest Fourth Street, built in 1987, for $15.3 million.
Elion and Link were involved in another industrial transaction earlier this year. In May, Elion sold a manufacturing and distribution facility in Pompano Beach to Link for $20.7 million.
A few weeks ago, Blackstone kicked off its industrial selling spree. Boston-based Longpoint Realty Partners paid a combined $331.3 million for 10 industrial sites with 26 warehouses in Coconut Creek, Dania Beach, Delray Beach, Hollywood, Miami Gardens and Miami Lakes.
Also last month, Blackstone shed a 349-unit apartment complex in Miramar. The firm sold a garden-style community recently renamed Bell Miramar Place to Greensboro, North Carolina-based Bell Partners for $121.3 million.
