Prologis Spends $352M On Broward County Industrial Park
The world's largest industrial landlord is making big moves in Broward County.
San Francisco-based Prologis purchased a 1M SF logistics park in Davie from developer IDI Logistics, a Prologis representative confirmed to Bisnow.
The seven-building logistics park sold for $352M, or $308 per SF, the South Florida Business Journal first reported.
“This acquisition strengthens Prologis’ portfolio in Broward County along the eastern portion of I-595 — one of South Florida’s most important infill logistics locations,” Prologis Vice President and Investment Officer Alex Vargas Vila said in a statement. “It adds meaningful scale in a market where large, high-quality portfolios rarely trade, supports the needs of our customers and reflects the strength of our balance sheet.”
IDI Logistics built the Davie Business Center at 3300, 3350, 3360, 3370, 3380, 3410 and 3430 Davie Road between 2013 and 2022 with 30-to-32-foot clear heights.
The center is 97% leased to 25 tenants in aerospace, healthcare, consumer products, cruise operations and logistics. CBRE National Partners represented IDI Logistics, which has delivered more than 226M SF of warehousing, distribution and manufacturing facilities, in the sale.
The assets were acquired as part of a transaction that included 1.6M SF in California.
IDI Logistics and CBRE didn’t respond to requests for comment.
The deal is more evidence that investment in South Florida's industrial sector, especially in Broward County, is accelerating.
The number of industrial sales transactions in the region doubled in the first quarter over the prior year, with the dollar volume of trades up nearly 30%, according to an Avison Young report.
Last week, Atlanta-based alcoholic beverage distributor Republic National Distributing Co. sold a 440K SF warehouse in Deerfield Beach to Reyes Holdings for $84M. On Monday, Blackstone subsidiary Link Logistics sold a nine-property Broward porfolio to Dalfen Industrial for $99.5M, according to property records sourced by Vizzda.
