Blackstone’s Hyperlink Logistics Pays $291M for Calder Horse Observe

Hyperlink Logistics’ Luke Petherbridge with 115.7-acre website at 21001 Northwest twenty seventh Avenue (LinkedIn, Google Maps)

Blackstone’s subsidiary Hyperlink Logistics paid $291 million for Calder’s former horse racing monitor and surrounding property, with plans for an industrial complicated and film studios in Miami Gardens.

The New York-based firm bought the 115.7-acre website at 21001 Northwest twenty seventh Avenue from an affiliate of Calder On line casino’s guardian firm, Louisville, Kentucky-based Churchill Downs, based on information.

Hyperlink Logistics plans a 2.3 million-square-foot growth with warehouses and distribution amenities, in addition to radio, film and TV studios, and music manufacturing areas. The $700 million challenge can be in-built two phases, with last completion anticipated in 2025.

In April, the Miami Gardens Metropolis Council accredited two particular exceptions permitting the event.

Calder, a on line casino with slot machines and card rooms, suspended horse racing in 2020 however had been promoting parts of its property previous to that, largely for industrial redevelopment. In 2016, Jackson, Mississippi-based EastGroup Properties paid $26.5 million for 61 acres at 1680 Northwest 215th Avenue the place it’s finishing an 850,000-square-foot Gateway Commerce Park industrial complicated.

Hyperlink, led by CEO Luke Petherbridge, is a logistics actual property agency with a portfolio of greater than 3,500 properties throughout the US, based on its web site. New York Metropolis-based different funding behemoth Blackstone based Hyperlink in 2019. Blackstone’s CEO is Stephen Schwarzman.

South Florida’s industrial market has been prospering, with northwest Miami-Dade County attracting new growth.

West of Hyperlink’s website, Chicago-based Bridge Growth Companions is growing the two.1 million-square-foot Bridge Level Commerce Middle on 186 acres on the southeast nook of Northwest 215th Avenue and Northwest forty seventh Avenue in Miami Gardens. Bridge Growth purchased the location in 2017 for $28.2 million.

In Miami-Dade County, the dwindling provide of developable land, amid pent-up demand exacerbated by e-commerce progress, has pushed up rents and decreased vacancies. Within the first quarter, Miami-Dade’s industrial emptiness charge dropped to 2.6 p.c, year-over-year, from 6 p.c, based on a JLL report. The common lease hit $11.61 a sq. foot, a 52.8 p.c improve from the primary quarter of final 12 months.

Miami Gardens, a residential metropolis with industrial properties, has seen some funding exercise. In October, Seagis Property Group purchased the previous manufacturing facility at 255 Northeast 181st Avenue for $8 million.

In close by Medley, Prologis paid $22.6 million for the warehouse at 9401 Northwest 106th Avenue in December.

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