Blackstone and its industrial affiliate Link Logistics broke ground on an industrial project in Medley after obtaining a $51 million construction loan.
MP Sycamore Logistics, care of Boston-based AEW Capital Management, provided the mortgage to GPT NW 96th Street Owner LLC, care of Blackstone in New York. It covers the 18-acre site at 9800 N.W. 87th Ave. and 8593 N.W. 96th Street. It’s located along the river just south of U.S. 27.
Fort Lauderdale-based Hernandez Construction recently filed notice with the county that it started construction of two warehouses there. According to the Link Logistics website, the project is called Sycamore Logistics Center and it will feature two warehouses with 36-foot clear height for a combined 310,456 square feet. According to Hernandez Construction, the warehouse should be completed around May 2024.
The developer assembled the property in deals of $4.08 million in 2014 and two more purchases for a combined $10.5 million in 2019. The site previously had an auto repair business.
Link Logistics has been extremely active buying and building warehouses in South Florida in recent years as the region’s industrial vacancy rate remains near record lows.
According to the second quarter report from Colliers, the warehouse vacancy rate in Medley/Hialeah Gardens was 1.3% and the average asking rate was $14.18 per square foot. There was 4.88 million square feet of industrial under construction there. Colliers said there was positive absorption of 158,956 square feet of warehouse space there during the second quarter.