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Blackstone sells Fort Lauderdale industrial campus for $57 million
The 210,000-square-foot, seven-building property is 97 percent leased with a 3.9-year weighted average lease term.
Blackstone’s industrial arm has sold a seven-building industrial campus in Fort Lauderdale, Florida for $57 million, Commercial Observer reports.
The buyers are BKM Capital Partners and Boca Raton-based Kayne Anderson Real Estate, which purchased the property at 2201, 2301 and 2381 Stirling Road, less than a mile west of Interstate 95 near the Dania Pointe retail complex.
The 210,000-square-foot campus, completed in 1985 and 1987, includes seven small-bay buildings and is 97 percent leased, with a 3.9-year weighted average lease term, according to the buyers.
In a statement, Brett Turner, partner and managing director of acquisitions and dispositions at BKM, said the site would be difficult to build today and that the rent roll and staggered lease expirations helped drive the outcome, Commercial Observer adds, noting Cushman & Wakefield represented the seller and Blackstone a.