Prologis buys 8 acres of land near Sweetwater

The property sold for $1.1M per acre

Miami /
Feb.February 13, 2020 01:30 PM
Prologis CEO Hamid Moghadam

Prologis CEO Hamid Moghadam

Prologis paid $9 million for 8 acres of vacant land near Sweetwater, where it will likely build an industrial warehouse.

Prologis acquired the site at the intersection of the Dolphin Expressway and Northwest 127th Avenue from Jose and Alejandrina Reboredo, a husband and wife, and Lizette Reboredo. The sale equates to $1.12 million per acre, records show.

The property last sold for $1.1 million for 2002, according to records.

Prologis, one of the world’s largest industrial real estate companies, has a portfolio totaling 965 million square feet, with over 4,400 properties as of Dec. 31, according to its website.

Large institutional investors are seeking to buy land to build new warehouses in South Florida. The industrial market has taken off in recent years due to the rise of e-commerce and growing demand for last-mile distribution sites. This month, Prologis completed its all-stock acquisition of Liberty Property Trust for $13 billion, gaining control of its 108-million-square-foot warehouse portfolio.

In Miami-Dade County, industrial completions reached an all-time high in 2019, according to a recent report by Avison Young. Over 5.6 million square feet of industrial space was added to the market, expanding local inventory by nearly 3 percent.


Related Articles

arrow_forward_ios
Prologis CEO Hamid Moghadam with project plans, an aerial view of Northwest 129th Avenue and 14th Street and the Dolphin Expressway in Miami-Dade County (Prologis, Getty, Google Maps)
Prologis plans to expand its Beacon Lakes business park in Miami-Dade
Prologis plans to expand its Beacon Lakes business park in Miami-Dade
Valerio Spinaci and 1506 Collins Avenue (Google Maps)
Triarch buys Dania Beach industrial property for $10M
Triarch buys Dania Beach industrial property for $10M
Mauro Libi and 7300 Northwest 35th Terrace (Mauro Libi/Wikipedia, Google Maps)
Venezuelan food mogul nabs Miami warehouse for $8M
Venezuelan food mogul nabs Miami warehouse for $8M
Ryan Companies CEO Brian Murray and CFO Lisa Kro with 13241 Southwest 136th Street (Google Maps)
Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse
Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse
An aerial of the property with Avra Jain and Terra's David Martin
David Martin, Avra Jain, Joe Del Vecchio sell Miami industrial dev site for $8M
David Martin, Avra Jain, Joe Del Vecchio sell Miami industrial dev site for $8M
5553 Anglers Avenue, 550 Building, MiamiCentral and East Port Center. (Berger Commercial Realty)
Lease roundup: Berger Commercial Realty finds new HQ & more
Lease roundup: Berger Commercial Realty finds new HQ & more
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)
South Florida’s biggest real estate stories of 2020
South Florida’s biggest real estate stories of 2020
Renderings of Motorsport Network, CocoWalk and the Prologis building
Lease roundup: Motorsport Network to relocate to Magic City and more
Lease roundup: Motorsport Network to relocate to Magic City and more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...