Blackstone Snaps Up $196M Boynton Beach Industrial Portfolio
Link Logistics acquired nine industrial buildings spanning 798,700 square feet for $245 per square foot from Prologis. The transaction represents a 235 percent appreciation since the portfolio's 2010 sale for $58.5 million.
Blackstone's Link Logistics has completed a $195.9 million acquisition of a nine-building industrial portfolio in Boynton Beach, continuing the investment giant's strategic expansion across South Florida's warehouse sector.
The transaction with San Francisco-based Prologis encompasses 798,700 square feet across properties located on High Ridge Road, Quantum Boulevard, and West Gateway Boulevard. At $245 per square foot, the deal reflects robust demand for industrial assets in Palm Beach County's logistics corridor.
The portfolio, constructed between 2000 and 2005, sits on 53.6 acres and houses tenants including Atlas Event Rental, CarDrop Boynton Beach, roofing supplier QXO, and countertops retailer SK Stones. The buildings last changed hands in 2010 for $58.5 million, marking a striking 235 percent value increase over 16 years.
This acquisition represents Link Logistics' second major South Florida purchase in 2025, following last month's $163.1 million deal for warehouse properties in Pompano Beach. The buying spree contrasts sharply with the firm's recent divestment strategy, having sold $1 billion worth of industrial assets across Miami-Dade, Broward, and Palm Beach counties in 2024.
Palm Beach County's industrial market experienced some headwinds in the first quarter, with negative absorption of 26,300 square feet pushing vacancy rates to 7.2 percent from 6.5 percent in the previous quarter. However, triple net asking lease rates climbed to $16.01 per square foot, up from $15.83 in the fourth quarter, according to Colliers research.
Investment activity remained steady despite market softening, with other notable transactions including Cabot Properties' $79.6 million purchase of the Turnpike Logistics Center from Dalfen Industrial and Goldman Sachs. That deal represented a 31.4 percent gain from the property's 2021 acquisition price.
Leasing activity in the county centered largely on renewals, with American Tire Distributors extending its 125,000-square-foot lease in Royal Palm Beach and Horizon Distributors renewing 28,000 square feet in Boynton Beach.
Link Logistics, led by Luke Petherbridge under parent company Blackstone and CEO Stephen Schwarzman, continues positioning itself as a major player in Florida's industrial real estate market. The firm's recent acquisition pattern suggests confidence in the region's long-term logistics demand, particularly as e-commerce and distribution networks expand throughout the Southeast.
Market analysts expect Palm Beach County's industrial sector to stabilize as new construction deliveries slow, potentially creating favorable conditions for existing property owners and tenants seeking quality warehouse space in strategic locations.
