The Real Deal Miami

Prologis pays $26M for Miami warehouse near Opa-locka

Tenants of 344,000 sf warehouse include Iberia Foods
By Katherine Kallergis | March 07, 2017 11:15AM

12300 Northwest 32nd Avenue

Prologis just picked up a distribution warehouse near Opa-locka for $25.75 million.

Records show Futernick Associates sold the 343,553-square-foot building at 12300 Northwest 32nd Avenue in Miami to an affiliate of the San Francisco-based real estate investment trust. Futernick is managed by Frank Futernick of Miami.

The building, built in 1981, sits on a 12-acre lot within the Gratigny Industrial Park. It’s leased to Iberia Foods. The previous sale price was not available online. 

This deal breaks down to about $75 per square foot. No financing was recorded.

Prologis is the largest owner of industrial real estate in the world, according to its website. The company has been active in South Florida in recent years, and more so on the selling end in 2016. Prologis sold a portfolio of properties in Broward and Palm Beach counties last year for $38 million to Aventura investment firm Adler Kawa. In Miami, the REIT also sold a 30-acre development site west of Miami International Airport to UPS for $31 million.

In 2015, Prologis spent more than $407 million to acquire 23 properties in Broward County.