Prologis plans to expand its Beacon Lakes business park in Miami-Dade

Proposal is for nearly 329K sf of logistics and distribution space

Miami /
May.May 03, 2021 11:30 AM
Prologis CEO Hamid Moghadam with project plans, an aerial view of Northwest 129th Avenue and 14th Street and the Dolphin Expressway in Miami-Dade County (Prologis, Getty, Google Maps)

Prologis CEO Hamid Moghadam with project plans, an aerial view of Northwest 129th Avenue and 14th Street and the Dolphin Expressway in Miami-Dade County (Prologis, Getty, Google Maps)

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.






    Related Articles

    arrow_forward_ios
    Terra’s David Martin and 1177 Kane Concourse (Google Maps)
    Terra paid $32M for Bay Harbor Islands development site
    Terra paid $32M for Bay Harbor Islands development site
    T-Mobile store logo (Getty) and 4850 Northwest 103rd Avenue in Sunrise, Florida (Google Maps)
    Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
    Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
    Charlene and the late Ron Esserman with an aerial of the Coconut Grove home (Google Maps, the Miami Foundation)
    Charlene Esserman sells waterfront Coconut Grove home for $15M
    Charlene Esserman sells waterfront Coconut Grove home for $15M
    Fuse Group Investment CEO Eyal Peretz and attorney Michael Ehrenstein (Fuse, Ehrenstein Sager, Twitter via GUT Miami)
    Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
    Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
    4412 North Bay Road
    North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
    North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
    Leon Ojalvo with Blue Lake Village Apartments (SRE Commercial Group)
    Investor buys multifamily complex near Miami Shores for $15M
    Investor buys multifamily complex near Miami Shores for $15M
    The six-bedroom Coral Gables house. (Compass / Zignavisual Photography, Del Toro Insurance)
    Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
    Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
    David J. Blumberg and 415 Center Island Drive (Google Maps, Blumberg Capital)
    Blumberg Capital founder buys waterfront Golden Beach home for $11M
    Blumberg Capital founder buys waterfront Golden Beach home for $11M
    arrow_forward_ios

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

    Loading...