An affiliate of investment giant Blackstone sold a Medley warehouse to Prologis for $50.85 million as part of a larger portfolio deal.
Western B Southeast FL LLC, an affiliate of New York-based Blackstone, sold the 187,880-square-foot warehouse at 10733 to 10763 N.W. 123rd St. to NW 123rd St FL LLC, an affiliate of San Francisco-based Prologis. The price equated to $271 per square foot. Property data firm Vizzda confirmed the buyer and seller.
Pan American North Business Park was built on the 8.8-acre site in 2013. This is the first time it has sold. The site has 146 parking spaces.
Recent tenants include Aerotech OPS and Geodis Contract Logistics.
This is part of a $3.1 billion deal announced on June 26, with Prologis purchasing nearly 14 million square feet of industrial properties in 10 metro areas from Blackstone. Another South Florida property in the deal was Cypress Pointe Distribution Center in Pompano Beach.
“These high-quality properties are complementary to our portfolio and fit perfectly into our long-term strategic plan for growth,” Dan Letter, president of Prologis, stated at the time.