Blackstone’s Link Logistics acquired a nine-building industrial portfolio in Boynton Beach for $195.9 million, according to an April 27 announcement. The purchase adds nearly 800,000 square feet of property to the company’s holdings in South Florida.
The deal reflects ongoing interest in South Florida’s industrial market, which has seen both significant investment and some signs of cooling in recent months. The properties, located at several addresses on High Ridge Road, Quantum Boulevard, and West Gateway Boulevard, were bought from Prologis and span a total of 53.6 acres.
The buildings were completed between 2000 and 2005 and last changed hands for $58.5 million in 2010, representing a price appreciation of about 235 percent over sixteen years. Tenants include Atlas Event Rental, CarDrop Boynton Beach, QXO roofing supplies store, and SK Stones countertops store.
This acquisition is Link Logistics’ second major purchase in the region this year; last month it paid $163.1 million for another warehouse portfolio in Pompano Beach. Blackstone and Link Logistics had previously sold off more than $1 billion worth of properties across Miami-Dade, Broward, and Palm Beach counties over the past two years.
Market data from Colliers shows that Palm Beach County’s industrial sector experienced negative absorption during the first quarter with vacancy rates rising to 7.2 percent but average asking lease rates also increased slightly to $16.01 per square foot.
Other recent sales include Dalfen Industrial and Goldman Sachs selling Turnpike Logistics Center to Cabot Properties for $79.6 million—a gain from its previous sale price—while several large tenants renewed leases throughout the county.
