The South Florida office of Duke Realty Corporation is breaking ground on a speculative development totaling 501,224 square feet of logistics space.
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.
Buyer SFM Services, Inc. purchased the warehouse, which is situated on 3.29 acres, from Murton Realty LLC, for $3,800,000.