Blackstone's industrial division has sold an industrial campus in Fort Lauderdale, Florida, for $57 million. The buyers are BKM Capital Partners, an investor specialising in industrial properties, and Kayne Anderson Real Estate from Boca Raton. The property comprises seven buildings and is located at 2201, 2301, and 2381 Stirling Road, less than a mile west of Interstate 95, close to the Dania Pointe retail complex.
The 210,000 square foot (approx. 19,509 square metres) campus, completed in 1985 and 1987, houses seven units with smaller areas. According to the buyers, the property is 97 per cent leased and has a weighted average lease term of 3.9 years.
Strategic Acquisition and High Occupancy Rate
Brett Turner, Partner and Managing Director for Acquisitions and Dispositions at BKM, stated that such a property along the I-95 corridor could no longer be developed or acquired today. He emphasised that the staggered lease terms and diversification of risk, with no single tenant accounting for a major share, were crucial to the portfolio's attractiveness.
Rick Brugge of Cushman & Wakefield represented the seller, Link Logistics, a Blackstone subsidiary. According to land registry data, the campus was last traded in 2013 for $17.5 million. The exact time of acquisition by Blackstone is not publicly known.
Expansion of BKM and Kayne's Portfolio
This acquisition expands the continuously growing portfolio of BKM and Kayne. Shortly before, the joint venture announced it had invested $103 million in a four-property, 543,000 square foot light industrial portfolio in Central Orlando. This seven-building portfolio is 95 per cent leased. The previous month, the joint venture acquired an industrial property spanning 61,135 square feet for $14 million, also in Fort Lauderdale. On the West Coast, in Southern California, they also invested $1.8 billion in an 8.5 million square foot portfolio from Link Logistics.
A representative from Link Logistics provided no immediate comment on the transaction.
