Elion Partners is acquiring a portfolio Sunrise, according to a report from the Commercial Observer.
The investment management firm is adding four warehouses in the region in proximity to Everglades National Park, with the largest property costing $102.6 million and taking up a total of 390,022 square feet. The value has more than doubled since the last time the building traded for $42.8 million in 2011.
The other three warehouses Elion purchased were for $49.7 million, $38 million, and $15.4 million, respectively. Also, they measure 202,693 square feet, 139,047 square feet, and 59,856 square feet, respectively. All of the buildings were built between 1987 and 2003.
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Link Logistics, a unit of Blackstone, was the seller of the portfolio. Blackstone made news in November after selling a 26-building industrial portfolio in South Florida for $331 million to Longpoint Partners, as the Commercial Observer previously reported.
Link already has a major presence on the East Coast. In South Florida, particularly, the firm operates 226 properties — taking up 21. 8 million square feet. In total, Link operates more than 3,400 assets across the nation.
As of September 30, Elion managed $3.6 billion in gross real estate assets.
Meanwhile, South Florida has been seeing mixed results in the industrial world, according to a recent report from Avison Young. Miami, for example, struggled with a record of six million square feet of new inventory in the third quarter, with negative absorption at 155,122 square feet. Supply wasn't that big of a challenge in West Palm Beach and Fort Lauderdale, as the regions positively absorbed 301,000 square feet and 24,000 square feet, respectively. Avison Young said asking rents saw "steady growth," reaching $16.72 per square foot NNN in Fort Lauderdale; West Palm shot up 12 percent year-over-year to $15.81 per square foot NNN; Miami's "stabilized" at $17.10 per square foot NNN, according to Avison Young.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
