The Real Deal Miami

Prologis partnership sells Broward and Dade business parks for $77.8M

An affilate of Singapore-owned IndCor Properties was the buyer

March 11, 2015 10:30AM
By Katherine Kallergis

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Countyline Business Center at 3701 South Flamingo Road in Miramar

Countyline Business Center at 3701 South Flamingo Road in Miramar

A Prologis partnership sold two business parks in Miami-Dade and Broward for a combined $77.8 million, county records show.

The industrial real estate corporation sold its Countyline Business Center in Miramar for $59.5 million to an affiliate of IndCor Properties, according to Broward County records. IndCor is owned by GIC, Singapore’s sovereign wealth fund, in December 2014.

Goldman Sachs granted IndCor affiliate Icon Owner Pool 5 South FL a $383 million mortgage, records show. Attorney Neil Klein, who represents IndCor, is listed on the affiliate’s corporate listing.

The 28-acre site in Broward was last traded for $26 million in 2004. The business park has a combined 110,000 square feet of office space and up to 251,669 square feet of warehouse space, according to its website.

Prologis also sold industrial warehouses in Miami-Dade to IndCor. A Prologis affiliate sold close to nine acres in Doral for $18.3 million, according to Miami-Dade County records. The three warehouses are at 8925 Northwest 27th Street and 2610 to 2650 Northwest 89th Court. They last sold in 2004 for $12.5 million.

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