Investment giant Blackstone paid a combined $45.9 million to Elion Partners for five warehouse properties in Broward County. However, a source with knowledge of the deal said the transactions included eight properties in Miami-Dade. When considering all properties in Miami-Dade and Broward counties, the total price was $93.5 million.
The deal shows there remains strong demand for industrial real estate in South Florida as occupancy rates are high. North Miami Beach-based Elion Partners acquired these warehouses in 2018 and 2019, and the new sale prices were significantly higher than the previous deals.
TA Realty, a real estate investor based in Boston, has sold off a national industrial portfolio in two separate deals for a little over $1 billion.