Blackstone Pays $250M for Miami’s Flagler Station Stake

Blackstone acquired a 50% stake interest in Flagler Station, a Miami, FL industrial and office park owned by AEW. Blackstone paid $250 million for its ownership slice of the 33-building park, South Florida’s largest, which totals five million square feet. Blackstone’s capital came from Blackstone Property Partners, the company’s core-plus platform.

AEW, headquartered in Boston, paid $340 million for the Class A complex at 10505 N.W. 112th Ave. in April 2012. The seller in that transaction was the developer, Flagler. Flagler opened the complex in 2001, and long-term tenants include FedEx and Ryder System.

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