black stonePlans for a $700 million distribution project in Miami Gardens are moving forward. Racetrack Operator Churchill Falls said this week that he recently sold 115.7 acres to the investment giant for $291 million.
The agreement for the site of the former Calder Racecourse was announced in November 2021. Based in New York Link logisticsa unit of Blackstone, offered to redevelop the site at 21119 Northwest 27th Avenue in a logistics center. Its plans call for 12 buildings totaling 2.3 million square feet of industrial space.
The site faces Florida’s Turnpike and is midway between Interstate 95 and Interstate 75. Churchill Downs of Louisville, Ky., said he was guarding about 55 acres on the property. , where it operates. Calder Casino.
Thoroughbreds raced at Calder from 1971 until 2020, when the track closed. Interest in horse racing may be waning, but the the industrial market is on fire. Commercial real estate brokerage JLL says 2021 was the best year ever for the Miami retail market. Vacancy rates fell to new lows, rental rates hit new highs and absorption broke the old record.
Link Logistics has invested in warehouses across the country.
Churchill Downs, meanwhile, isn’t done doing business in Miami Gardens. The company told investors this week it “may sell or develop” 17 acres of land along Northwest 27th Avenue.
Jeff Ostrowski can be contacted at [email protected]