- Elion Partners purchased a portfolio of four warehouses for $206M, with sizes ranging from 59.9 KSF to 390 KSF.
- The largest property sold for $102.6M, a significant gain from its 2011 sale price of $42.8M.
- The seller, Blackstone’s Link Logistics, operates over 3.4K assets nationwide and 226 properties in South Florida.
- South Florida’s industrial market shows mixed results, with strong absorption in Fort Lauderdale and West Palm Beach but challenges in Miami’s oversupplied market.
Elion Partners has expanded its industrial holdings by acquiring four warehouses in Sunrise, FL, from Blackstone’s (BX) Link Logistics for $206M, GlobeSt reported.
Deal Details
The largest property in the portfolio, 390 KSF, sold for $102.6M, more than doubling in value from its $42.8M sale in 2011. The remaining three warehouses, measuring 202.7 KSF, 139 KSF, and 59.9 KSF, were purchased for $49.7M, $38M, and $15.4M, respectively.
All four properties were built between 1987 and 2003 near Everglades National Park.
More Sunshine
Link Logistics, a unit of Blackstone, is the seller of the Sunrise portfolio. Link has a strong footprint on the East Coast and operates 226 properties in South Florida, totaling 21.8 MSF.
This sale follows Blackstone’s $331M sale of a 26-building industrial portfolio in South Florida to Longpoint Partners in November.
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South Florida in Focus
The South Florida industrial market is experiencing mixed performance. Fort Lauderdale and West Palm Beach reported positive absorption of 24 KSF and 301 KSF, respectively, in Q3.
However, Miami faced challenges with 6 MSF of new inventory and negative absorption of 155.1 KSF.
Overall, industrial rents in South Florida continue to rise:
- Fort Lauderdale: $16.72 PSF NNN (steady growth)
- West Palm Beach: $15.81 PSF NNN (up 12% YoY)
- Miami: $17.10 PSF NNN (stabilized)
Elion’s Expanding Portfolio
As of September 30, Elion Partners managed $3.6B in gross real estate assets, with the acquisition further cementing its presence in the competitive SoFlo industrial market.
The Sunrise warehouse deals also highlight Elion’s strategy to capitalize on growing demand for well-located industrial assets, even as parts of the market face challenges with oversupply and shifting absorption rates.rties remain a key focus for firms like Brookfield and RHP, even as financing hurdles persist.
