Prologis picks up Hollywood warehouses for $20M

Land last sold for a combined $2M between 1994 and 1996

May.May 22, 2015 03:30 PM

Three warehouses in Hollywood recently sold for a combined $20 million, according to Broward County records.

The Kelsey Group, which develops, owns and manages industrial properties, sold three of four buildings in its Port 95 Commerce Park to Prologis, records show.

The properties, at 3611-3655 Southwest 30th Avenue, 3659-3699 Southwest 30th Avenue, and 3711-3755 Southwest 30th Avenue, total nearly 15 acres. The land last sold for a combined $2 million between 1994 and 1996, according to Broward County property records. Port 95 Commerce Park is near I-95, Griffin Road, I-595 and the Florida Turnpike.

Port 95 Commerce Park was built between 1994 and 1996 and now totals about 2.4 million square feet, according to the Kelsey Group’s website. The development was originally a joint venture between the seller and Alandco Inc., a subsidiary of FPL, but the Kelsey Group bought Alandco’s interest.

Prologis assumed a $5 million mortgage from the John Hancock Life Insurance Company and a $3.7 million mortgage from the Kansas City Life Insurance Company, records show.

In March, 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 giant also sold nearly nine acres in Doral for $18.3 million, according to Miami-Dade County records.

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