Prudential takes out $39M loan on Hialeah development site

New Jersey insurance giant Prudential Financial just took out a $39 million mortgage on an industrial development site in Hialeah.

The loan, issued by Regions Bank, covers 27 acres of vacant land at 5801 Northeast 10th directly next to the one-million-square-foot Centergate at Gratigny distribution center, according to Miami-Dade property records.

A rendering of the potential new 630,000-square-foot facility

Prudential’s real estate arm bought the land when it paid an affiliate of Barclays Capital Real Estate nearly $96 million for both the development site and its neighboring distribution center.

According to a listing when the property first sold, Prudential’s 27 acres are slated to become a new 630,000-square-foot industrial complex.

Rental rates at the existing center, which was built in 1999, hover around $7 per square foot annually. A LoopNet listing for the property says 602,000 square feet are available.

Prudential’s real estate division had a slew of big-ticket transactions in South Florida last year. The company paid $83 million for a trophy office tower in Coral Gables, and sold another pair of office towers in West Palm Beach for a whopping $246 million.