Prologis plans to expand its Beacon Lakes business park in Miami-Dade
Proposal is for nearly 329K sf of logistics and distribution space
Prologis wants to expand its massive Beacon Lakes business park in northwest Miami-Dade County by building two logistics and distribution warehouses.
The San Francisco-based real estate investment trust submitted a proposal to Miami-Dade County for two 164,435-square-foot facilities on the southeast corner of Northwest 129th Avenue and 14th Street.
The site’s zoning allows for industrial development, meaning Prologis only needs approval from county staff members, but not from the commission or zoning board.
It is unclear if the new warehouses will be built on spec or will be pre-leased. A Prologis spokesperson said plans are in the beginning stage, with options still being explored.
Prologis, through an affiliate, assembled the vacant 20-acre development site last year for $18.4 million, according to property records.
The warehouses will be part of Prologis’ master-planned, 436-acre Beacon Lakes business park, which spans from Florida’s Turnpike west to Northwest 137th Avenue and from Northwest 12th Street north to 25th Street. Tenants include Amazon, Goya and airport chain retailer Dufry America.
Beacon Lakes also has retail and offices, including the headquarters of Spanish-language TV network Telemundo, owned by Comcast’s NBCUniversal. AVR Realty, through affiliates, bought the two-building TV station campus in 2018 for $239.1 million, although Telemundo still is based there.
Prologis, led by Hamid Moghadam, is a logistics real estate investor and developer that formed in 2011 with the merger of AMB and ProLogis, according to its website. The publicly traded company had $148 billion of assets under management last year.
The industrial market has surged over the past year, as consumers increasingly turned to e-commerce, promoting more development. The Easton Group is building a 127,000-square-foot spec warehouse on a 7-acre vacant lot in Doral, after scoring a $12 million construction loan in March.