The Real Deal Miami

Prologis Beacon Lakes industrial park announces plans to add retail, restaurants

Stiles Corp. wants to add 495k sf of open-air shopping space
June 01, 2017 12:30PM

Beacon Lakes

Updated 2:06 p.m., June 1: Beacon Lakes may soon be adding retail, restaurants, and other amenities to the industrial park in northwest Miami-Dade County.

Industrial real estate giant Prologis is selling land to retail developer Stiles Corp., which plans to add about 495,000 square feet of open-air shopping space.

Beacon Lakes includes tenants such as, UPS and Ryder System, and it expects to add 1,100 more workers with the addition of the NBCUniversal Telemundo Enterprises headquarters, according to the Wall Street Journal.

Prologis’s east region president Nick Kittredge told the Journal that the addition of amenities improves the working environment.

“There is no doubt that the market for labor in our business and additional businesses in this economy has become more competitive,” Kittredge said. “To work in a beautiful environment and have amenities at the ready is definitely a differentiating factor.”

Prologis plans to develop an additional 1.6 million square feet of industrial space over the next two to three years, according to the Journal. It already manages 2.5 million square feet of industrial property with over 2,000 workers.

Last year, the real estate giant sold $38 million worth of properties in Broward and Palm Beach counties to Aventura investment firm Adler Kawa. In 2015, Prologis spent more than $407 million to acquire 23 properties in Broward County. [WSJ] —  Amanda Rabines