Blackstone Acquires Davco Storage & Propane in Miami-Dade County

A major financial company, Blackstone, has acquired the Davco Storage & Propane facility just west of Miami Springs in a significant deal. The 6.4-acre site was used as a vehicle storage and propane sales facility.

The property at 7320 N.W. 61st St. was sold thanks to the efforts of Stuart Davant’s Davant Development Corp. in Coral Gables. The site was bought for $15.5 million, or $56 per square foot of land, by the buyer, B10 NW 74th Ave Owner LLC, acting on behalf of New York-based Blackstone. A notable feature of the site is its collection of buildings, which span 7,463 square feet and are mainly used for selling propane.

This is the first time Davco Storage & Propane ownership has changed, creating a sizable potential for Blackstone to enter the industry. Due to the rapid pace of growth, there need to be more parking places in Miami-Dade County for trucks, large machinery, and recreational vehicles. Because there aren’t enough parking spaces, big cars are forced to park on the sides of the road. As a result, the value of car storage facilities that provide fuel and servicing amenities has significantly increased.

According to its website, Blackstone understands the potential of Miami-Dade County’s expanding need for storage solutions and has a global real estate portfolio valued at $585 billion, in line with Blackstone’s goals for its real estate investments, this strategic acquisition.

Blackstone’s purchase of the Davco Storage & Propane site puts them in a better position to meet the growing demands of the car storage industry in Miami-Dade County as the need for storage solutions rises along with increasing development.