Link Logistics, the industrial real estate arm of investment giant Blackstone, acquired the larger 6.37-acre parcel for $15,500,000. Flyers Energy, the tenant on the smaller gas station parcel, exercised their right of first refusal on the 2 acres for $8,000,000. Ultimately, the two closings resulted in a total sales price of $23,500,000 for the seller in a rising interest rate environment that has been putting downward pressure on pricing, especially for land.
The ComReal Team’s proprietary marketing campaign immediately resulted in a very active response from the investor community. “Our efforts solicited 17 qualified offers within just 30 days. As we verified buyers, summarized all offers, and provided guidance on responses, we were able to create a competitive bidding environment. After multiple rounds of bidding, the field was narrowed down to the two top buyers. The ownership, equipped with the expertise and experience of our team, selected the best offer from the most qualified buyer, which happened to be Link Logistics” said Patrick McBride.
Flyers Energy plans to continue to operate on the smaller parcel. Link Logistics has hired the ComReal team to market the 6.37-acre site for lease. The parcel is an exceptionally well-located industrial outdoor storage yard. It is strategically located near Miami International Airport, providing unparalleled accessibility and convenience for logistics operations that need access to Miami International’s cargo entrance. Ideal uses for the site include truck and trailer parking, container storage, laydown yard, and outdoor storage of inventory or equipment.
For more information on the transaction or leasing availability, contact Pat McBride with the ComReal Industrial Team at 305-619-2937 or firstname.lastname@example.org.