Blackstone sold its fully leased Hialeah Gardens cold storage facility for $43 million.
A Blackstone affiliate sold the 115,741-square-foot industrial building at 13801 112th Avenue NW, records and Vizzda show.
The buyer is Boxer US, a Miami-based entity formed in May by attorney Lourdes Cambo, but no managing members are listed in corporate filings. It sold for $374 per square foot.
Blackstone affiliates paid $5 million for the 9.4-acre site in 2014 and completed the two-story facility a year later, records show.
The property has only one tenant, Lineage Logistics, which occupies the entire building.
New York-based investment giant Blackstone, led by Chief Executive Stephen Schwarzman, remains bullish on South Florida’s industrial market. This month, Blackstone and its subsidiary Link Logistics paid $28.6 million for a 124,000-square-foot warehouse in Pompano Beach.
The facility is fully leased to Whole Foods, which uses the building as a distribution center.
Last month, Blackstone and Link paid $15.5 million for a 6.3-acre boat and truck yard in unincorporated northwest Miami-Dade County near Miami International Airport.
Across South Florida, the industrial sector remained stable. Asking rental prices continued to grow in the first quarter as tenant demand remained strong.
In Miami-Dade County, the average asking industrial rent reached $14.25 per square foot in the first quarter, up 14% from a year earlier, according to CBRE. The vacancy rate remained at 3.2%, the same as in the first quarter of 2022. CBRE reported net absorption in the Miami-Dade industrial submarket of 1.4 million square feet, with developers delivering 3.1 million square feet of new space in the first quarter.
The largest industrial deal so far this year was Area Management’s $111.1 million purchase of the Countyline Corporate Park development site in Hialeah.
