Blackstone affiliate bought two industrial vacant lots in Medley for $7.2 million.
Link Industrial Properties, an affiliate of Blackstone, bought the 8.8-acre site for $818,181 per acre. The seller is Medley Auto Parts.
The properties don’t have an exact address but sit adjacent to 9700 Northwest South River Drive, a used car parts facility.
Link Industrial Properties was part of industrial real estate investment trust Gramercy Property Trust, which was acquired by the Blackstone Group in 2018 for $7.6 billion. At the time, Gramercy owned 81 million square feet of real estate, mostly single-tenant industrial buildings. It had holdings across the country, including in New York, New Jersey, South Florida, Los Angeles and Chicago.
Medley is west of Hialeah and sits on the far western edge Miami-Dade County. The town of Medley has a heavy concentration of industrial properties and warehouses.
Source: The Real Deal