Blackstone sells Deerfield Beach plant to JPMorgan for $65M
A nine-year hold in Broward industrial more than doubled Blackstone's basis as institutional buyers keep chasing South Florida warehouse space.
A Blackstone affiliate sold a 383,000-square-foot Deerfield Beach industrial property, the former Sun Sentinel printing plant, to an entity tied to J.P. Morgan Asset Management for $65 million, more than doubling the price Blackstone paid for the site nine years ago.
Why it matters
The trade is a clean read on how far Broward County industrial values have climbed and how firmly institutional capital still wants the asset class in South Florida. Blackstone, selling through its Link Logistics platform, is exiting near the top of its basis, while J.P. Morgan Asset Management is buying into a supply-constrained, infill submarket where large single-building sites rarely trade. That a global manager is the buyer, rather than a local operator, signals continued appetite among the largest allocators for last-mile industrial even as other property types have cooled.
The numbers
The $65 million price works out to about $170 per square foot for the 23-acre site, which holds one three-story building constructed in 1988 that once housed the Sun Sentinel’s offices and printing equipment. Blackstone acquired the property as Gramercy Property Trust for $25.5 million, roughly $67 per square foot, from Tribune Media in 2016. The sale represents a more than 150% gain on the purchase price over the hold.
What’s next
J.P. Morgan takes control of a large, well-located Deerfield Beach parcel that could support repositioning or redevelopment given its acreage and single-tenant footprint. The deal extends a run of nine-figure and near-nine-figure Broward industrial trades, reinforcing warehouse and logistics space as one of the most durable bets in the South Florida market.