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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