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A subsidiary of Blackstone bought several commercial homes in Broward County from Elion Partners for $46 million.
The warehouses are between Weston, Coral Springs and Pompano Beach, according to records. Elion had paid about $35 million in total for the homes in 2018 and 2019.
The sale includes 3 warehouses at 1800-1880 North Commerce Parkway in Weston, totaling approximately 66,000 square feet, for $12.7 million. Elion had paid $9 million for the homes in 2018, according to records. Tenants come with the corporate Venus Concept of medical devices and product design manufacturer Nikao.
In Coral Springs, Blackstone paid $6.3 million for commercial construction at 3880-3898 Northwest 124th Avenue, covering 43,000 square feet. Elion had paid $4.8 million for assets in 2018, according to records. Tenants come with Waveguide Communications, an infrastructure and generation company; and JR’S POS Depot, a provider of electronic transactions.
Blackstone also paid $15.2 million for a commercial construction of approximately 91,000 feet at 2121 Northwest 15th Avenue in Pompano Beach. Elion had paid $10.6 million for assets in 2019, according to records. PepsiCo has been operating since construction.
Also on Pompano Beach, the genuine real estate investment company paid $6.7 million for a commercial building organization at 935 Northwest 31st Avenue, representing more than 29,000 feet of space. Elion had bought the buildings for $4.3 million in 2018, according to records.
Eventually, Blackstone paid $5 million for a construction of more than 41,000 square feet at 3400-3450 Park Central Boulevard in Pompano Beach. Elion paid $4.2 million for assets in 2018. Tenants come with Richelieu, an importer, distributor and manufacturer of specialized hardware, who has occupied the area since 1990, according to an online list.
Despite the pandemic, the commercial real estate market in South Florida remained strong. His quarter of a moment proved to be his most powerful era in three years, according to a recent report by Newmark Knight Frank.
Duke Realty recently signed a lease that will occupy 72% of the 718,000-square-foot advertising park filed through the corporation in Medley, called Miami 27.
Last month, Easton Group sold a warehouse in Royal Palm Beach for $15.5 million, and Bridge Development Partners and PGIM Real Estate purchased a 20-acre area in Hialeah, with plans to build a refrigerated garage.
Large institutional buyers such as Brookfield, Blackstone and Prologis have purchased commercial homes and last-mile distribution services in South Florida as demand for e-commerce continues to grow.
And Blackstone-related transactions in South Florida weren’t just businesses: in July, a company related to a senior Blackstone executive bought a waterfront home on Everglades Island in Palm Beach for $10 million.
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