Prologis pays $12M for Sweetwater office building

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

Miami /
Jan.January 12, 2021 05:30 PM
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.

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.






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