Blackstone Sells Fort Lauderdale Industrial Campus for $57 Million

Blackstone's industrial arm has completed the sale of a 210,000-square-foot industrial campus in Fort Lauderdale, Florida, for $57 million. The buyer is a joint venture between industrial investor BKM Capital Partners and Boca Raton-based Kayne Anderson Real Estate. The property, located at 2201, 2301, and 2381 Stirling Road, consists of seven small-bay buildings constructed in 1985 and 1987.

The campus is currently 97 percent leased with a weighted average lease term of 3.9 years. Brett Turner, a partner at BKM, highlighted the difficulty of replicating such a site along the I-95 corridor today and noted the staggered lease expirations as a key factor in the acquisition. Cushman & Wakefield's Rick Brugge represented the seller, Link Logistics, an affiliate of Blackstone. Property records indicate the campus last traded for $17.5 million in 2013.

This acquisition expands the joint venture's industrial portfolio, following a recent $103 million purchase of a 543,000-square-foot light industrial portfolio in Central Orlando and another $14 million industrial asset in Fort Lauderdale last month. For developers and investors, this sale underscores the continued demand and value appreciation for well-located, leased industrial assets in South Florida.