Stephen A. Schwarzman Of Blackstone Acquires Prologis Gateway Center In Boynton Beach For $195.9M

The transaction involved a 53.61-acre industrial asset comprising seven buildings located at 1103 West Gateway Boulevard, 3602, 3402 Quantum Boulevard, 2047, 2045, 2027, 2017 High Ridge Road, and 1920 High Ridge Road in Boynton Beach. The property was sold for $195,900,000, with a total square footage of 798,716, equating to a price per square foot of $245. The portfolio was constructed between 2000 and 2005 and is situated just west of Interstate 95. This asset last changed hands for $58.48 million in 2010, indicating significant appreciation in value.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $195,900,000
• Buyer: Stephen A. Schwarzman
• Buyer Agency: Blackstone
• Seller: Hamid Moghadam
• Seller Agency: Prologis
• Square Footage: 798,716
• Price Per Square Foot: $245
• Acreage: 53.61
• Market: Boynton Beach

An affiliate of Blackstone acquired the industrial park and is expected to manage the portfolio through Link Logistics. The transaction marks a significant investment in the Boynton Beach area, reflecting ongoing industrial rent growth in Palm Beach County.