Prologis pays $12M for Sweetwater office building

Seller bought the property in a $25M deal in 2007

Prologis CEO Hamid Moghadam, Amerant CEO Millar Wilson and 12496 Northwest 25th Street in Sweetwater (Google Maps; Prologis; Amerant)
Prologis CEO Hamid Moghadam, Amerant CEO Millar Wilson and 12496 Northwest 25th Street in Sweetwater (Google Maps; Prologis; Amerant)

Real estate investment trust Prologis paid $12.4 million for a one-story office building near Sweetwater.

The San Francisco-based company bought the 102,000-square-foot building on about 8 acres at 12496 Northwest 25th Street, according to records.

The building is within the Beacon Lakes master-planned, 436-acre business park. An online listing for the building shows office space available for rent for $25 a square foot a year.

The seller is Amerant Bank, formerly called Mercantil CommerceBank. The building was constructed in 2007 and houses a bank branch. Amerant acquired the property as part of a $25 million multi-property deal that year, according to records.

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Prologis also owns the industrial building at 12250 Northwest 25th Street, just north of the newly acquired one. Prologis bought that building in 2011 for $13 million.

Coral Gables-based Amerant is led by Millar Wilson. Prologis is led by Hamid Moghadam.

In November, Prologis picked up 223,000 square feet of Queens land in Maspeth for $51 million.

Last year, Amerant provided a construction loan as part of MMG Equity Partners’ $12.7 million deal for two shopping centers in southwest Miami-Dade County, and provided a $22 million loan for a Russell Galbut deal near the Adrienne Arsht Center in downtown Miami. In April, Amerant provided a $13.6 million mortgage for Cusano’s Bakery purchase of the Coconut Creek building the bakery occupies.