Blackstone’s Link Logistics picked up a nine-building portfolio in Boynton Beach for $195.9 million, adding to its South Florida industrial haul.
New York-based Link Logistics bought the properties at 1920, 2017, 2027, 2045 and 2047 High Ridge Road; 3402 and 3602 Quantum Boulevard; and 1103 West Gateway Boulevard from San Francisco-based Prologis, according to records and real estate database Vizzda. The deal for the 798,700-square-foot portfolio breaks down to $245 a foot.
The buildings, completed from 2000 to 2005, sit on a 53.6-acre site, Vizzda records show. The portfolio last traded for $58.5 million in 2010. The latest trade marks a 235 percent appreciation in 16 years.
Tenants include Atlas Event Rental, user car dealer CarDrop Boynton Beach, roofing supplies store QXO and countertops store SK Stones.
The deal marks the second major purchase by Link Logistics in South Florida this year. Last month, the firm paid $163.1 million for a portfolio of warehouses at 2510 West Copans Road, as well as 1901, 2001 and 2004 Northwest 25th Avenue in Pompano Beach.
This year’s shopping spree comes after Blackstone and Link Logistics went on a sell-off last year and in 2024, offloading a portfolio across Miami-Dade, Broward and Palm Beach counties for $1 billion. One of those deals –– the $130.7 million sale of the Royal Palm Doral industrial portfolio at 6450 and 6550 Northwest 97th Avenue in Doral to Terreno Realty –– ranked as last year’s top industrial trade.
Blackstone is led by Stephen Schwarzman, and its industrial division, Link Logistics, is led by Luke Petherbridge.
Palm Beach County’s industrial market showed some signs of softening in the first quarter, but it’s expected to rebound once construction starts slow, according to Colliers. Absorption was negative at 26,300 square feet, with the county’s average vacancy rate ticking up to 7.2 percent, up from 6.5 percent in the fourth quarter and 6.7 percent in the first quarter of last year.
Still, the countywide triple net asking lease rate increased to $16.01 per square foot in the first quarter, up from $15.83 a foot in the fourth quarter and $15.90 a foot in the first quarter of last year, according to Colliers.
Investment sales continued. Dalfen Industrial and Goldman Sachs cashed out of the Turnpike Logistics Center at 1673 and 1715 Meathe Drive in unincorporated Palm Beach County to Boston-based Cabot Properties for $79.6 million, a 31.4 percent gain from its 2021 price.
Much of the leasing was renewals. American Tire Distributors renewed its 125,000-square-foot lease at 601 North 103rd Avenue in Royal Palm Beach, while irrigation and landscaping products provider Horizon Distributors renewed its 28,000-square-foot lease at 3618 Quantum Boulevard in Boynton Beach, and Global Technology Systems renewed its 16,000-square-foot lease at 1400 Northpoint Parkway in Riviera Beach, according to CBRE.
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