Cold Storage Facility Trades For $43M

Blackstone sold a fully leased Hialeah Gardens cold storage facility for $43 million.

A Blackstone affiliate sold the 115,741-square-foot industrial building at 13801 Northwest 112th Avenue, records and Vizzda show.

The buyer is Boxer US, a Miami-based entity incorporated in May by attorney Lourdes Cambo, but with no managing member listed in corporate documents. The deal breaks down to $374 per square foot.

In 2014, the Blackstone affiliate paid $5 million for the 9.4-acre site, and completed the two-story facility a year later, records show. The property has a single tenant, Lineage Logistics, which occupies the entire building.

Blackstone, the New York-based investment giant led by CEO Stephen Schwarzman, remains bullish on South Florida’s industrial market. This month, Blackstone and its subsidiary, Link Logistics, dropped $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 boat and truck yard spanning 6.3-acres in unincorporated northwest Miami-Dade County near Miami International Airport.

Across South Florida, the industrial sector has stayed steady. In the first quarter, asking rents continued to grow, as tenant demand remained strong.

In Miami-Dade County, the average industrial asking rent hit $14.25 per square foot in the first quarter, up 14 percent compared to the same period of last year, according to CBRE.  The vacancy rate stayed at 3.2 percent, the same as in the first quarter of 2022. Miami-Dade’s industrial submarket had a net absorption of 1.4 million square feet, and developers delivered 3.1 million square feet of new space in the first quarter, CBRE reported.

So far this year, the biggest industrial deal is Area Management’s $111.1 million purchase of  a development site at Countyline Corporate Park in Hialeah.

Source: The Real Deal