The Real Deal Miami

Prologis sells Tamarac warehouse to New York Life affiliate

Distribution center spans 285k sf and traded hands for $90 psf
By Amanda Rabines | August 14, 2018 05:30PM

9439 West Commercial Boulevard and New York Life Real Estate Investors’ Brian Seaman

Prologis just sold a warehouse in Tamarac for $25.72 million.

The 285,600-square-foot warehouse at 9439 West Commercial Boulevard traded hands for about $90 per square foot. The buyer is a company tied to New York Life Investments, which operates as the investment management arm of the U.S. insurer New York Life Insurance Company.

The distribution center was originally owned by KTR Capital Partners, which paid $13.5 million for the property in 2006, records show. KTR was acquired by Prologis and Norway’s sovereign wealth fund in 2015 for $5.9 billion. 

The industrial site features 122,000 square feet of warehouse space with office space on the second level. Tenants include Ferguson Plumbing and Kitchen Craft. Other features include dock doors, drive-in doors, overhead cranes, an outside storage area and signage on Commercial Boulevard.

NYL Investments manages about $245 billion for its parent company New York Life Insurance and select strategic partners, according to its website. The insurance company is also a major commercial real estate lender. 

Prologis, meanwhile, has been busy selling off its collection of industrial properties. In December it sold a portfolio of properties in Broward and Palm Beach counties to Chicago-based Equity Office for more than $110 million.