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.