An affiliate of investment giant Blackstone paid $15.5 million for a vehicle storage and propane sales business.
Davant Development Corp., managed by Stuart Davant in Coral Gables, sold the 6.4-acre property at 7320 N.W. 61st St. to B10 NW 74th Ave Owner LLC, care of New York-based Blackstone. The price equated to $56 per square foot of land. The property has 7,463 square feet of buildings, mostly for propane sales.
The business there operated as Davco Storage & Propane. This is the first time it has sold.
There’s a shortage of parking spaces for trucks, heavy equipment and RVs in Miami-Dade as development has intensified throughout the county. Some big rigs even park on the side of streets because they can’t find a dedicated parking lot. That has increased the value of auto storage facilities with amenities for vehicle fuel and service.
According to its website, Blackstone has a global real estate portfolio valued at $585 billion.