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.





    Related Articles

    arrow_forward_ios
    Rendering of 830 Brickell office tower; Cushman & Wakefield's Brian Gale, JLL's Manny De Zárraga, Avison Young's Donna Abood, Dwntwn Realty Advisors' Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)
    Meet the commercial brokers making bank in Miami
    Meet the commercial brokers making bank in Miami
    Brick & Timber's Jesse Feldman and Glenn Gilmore, Tricera Capital's Ben Mandell, and Lndmrk Development's Alex Karakhanian with Cube Wynwd (Brick & Timber, LinkedIn, Tricera, Lndmrk Development, Getty Images)
    Brick & Timber to buy Cube Wynwd office building for $60M
    Brick & Timber to buy Cube Wynwd office building for $60M
    Ken Griffin in the center, with Brickell (right) and Palm Beach (below)
    Ken Griffin’s Citadel comes to Brickell — and supercharges the market
    Ken Griffin’s Citadel comes to Brickell — and supercharges the market
    Keiser University CEO Arthur Keiser in front of 1900 West Commercial Boulevard and 1500 Northwest 49th Street in Fort Lauderdale (Keiser University, Keenan Development Group, Getty Images)
    Keiser University sells pair of Fort Lauderdale office properties for $58M
    Keiser University sells pair of Fort Lauderdale office properties for $58M
    From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
    Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
    Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
    From left: Jorge Mas, Swire’s Kieran Bowers, David Beckham, and Stephen Ross
    Beckham’s soccer stadium; Swire, Ross’ Brickell City Centre tower rezonings get preliminary commission OK
    Beckham’s soccer stadium; Swire, Ross’ Brickell City Centre tower rezonings get preliminary commission OK
    Related Group’s Jorge Pérez and Jon Paul Pérez with 2999 Northeast 191th Street (Related, Google Maps)
    Related, partner pay $51M for Aventura mixed-use dev site
    Related, partner pay $51M for Aventura mixed-use dev site
    From left: One Flagler in West Palm Beach, 830 Brickell in Brickell, and Eighteen Sunset in Miami Beach (Getty, Related Southeast, LoopNet, Koniver Stern Group)
    Spurred by new-to-market firms, South Florida office rents hit record highs
    Spurred by new-to-market firms, South Florida office rents hit record highs
    arrow_forward_ios

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

    Loading...