Blackstone Sells Development Site For $106 Million

Blackstone has sold an industrial development site in Opa-Locka for approximately $105.7 million.

The property was intended for the second phase of the Ironwood Commerce Center project.

The site, spanning 43.8 acres at 12691 and 12705 NW 42nd Avenue, was transferred via two deeds from GPT NW 42nd Avenue Owner II and III LLC—entities tied to Blackstone and its logistics subsidiary, Link Logistics—to TA Ironwood Industrial II LLC, an affiliate of Boston-based TA Realty, according to property data firm Vizzda.

The site is approved for development of a 741,837-square-foot industrial park consisting of six buildings, with individual structures ranging in size from 62,924 to 150,549 square feet.

This sale follows a previous transaction in December when a Blackstone affiliate sold the completed first phase of Ironwood Commerce Center to TA Realty for $160 million. That phase includes 505,436 square feet of industrial space, with 151,818 square feet still available for lease, according to a recent CBRE listing.

In CBRE’s first-quarter report, Miami-Dade County’s industrial vacancy rate rose to 5.7%, as 751,665 square feet of positive absorption lagged behind the 1.27 million square feet of new industrial space delivered. Another 5.16 million square feet of industrial space is currently under construction in the region.

Source: SFBJ