Blackstone Invests in South Florida Real Estate
Real Estate Boon Amid Pandemic.
Blackstone Group announced its completion of a real estate transaction with Elion Partners, which includes industrial properties in Broward County. The deal encompasses warehouses located in Weston, Coral Springs, and Pompano Beach. Elion Partners initially paid $35 million for these properties in 2018 and 2019.
Medical devices company Venus Concept and product manufacturer Nikao are the current tenants for the Weston warehouse. The 66,000 square foot property was initially sold for $9 million. Further, the Coral Springs warehouse is 43,000 square feet and was initially sold for $4.8 million. Tenants include Waveguide Communications, and electronic transaction services provider JR’S POS Depot. The Pompano Beach warehouse is 91,000 square feet. Previously, Blackstone bought this property for $15.2 million. Initially, it was sold for $10.6 million. Lastly, Blackstone also purchased a group of industrial buildings and an additional 41,000 square foot warehouse. These Pompano Beach properties add up to over 29,000 square feet.
Fundamentally, South Florida’s industrial real estate market has proven to be extremely profitable and resilient despite the Coronavirus pandemic. In fact, the second quarter was the strongest it has been in three years. Consequently, industrial properties have been of greater interest to institutional investors like Blackstone. Ultimately, with the rising e-commerce industry, South Florida and many other viable industrial property markets will benefit.
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