Seven months after purchasing a Hialeah industrial portfolio from a Codina Partners-led joint venture, The Church of Jesus Christ of Latter-day Saints is hungry for more.
An affiliate of Property Reserve, the Salt Lake City, Utah-based church’s real estate investment arm, paid $55.8 million for a recently completed 232,620-square-foot warehouse at 4141 West 91st Place within Beacon Logistics Park, records show. The deal breaks down to $239 per square foot.
Codina Partners, the Coral Gables firm led by father-daughter team Armando Codina and Ana-Marie Codina Barlick, and San Antonio, Texas-based Affinius Capital, led by Len O’Donnell, are developing Beacon Logistics. In December, the joint venture sold four warehouses and two outparcels on 66.4 acres at Beacon Logistics to Property Reserve for $174.3 million.
Codina and Affinius assembled the 72-acre development site for $38.2 million in 2017 and 2018, records show. Two years later, the joint venture broke ground on Beacon Logistics after obtaining a $57.3 million construction loan. The industrial campus will have a total of 1.3 million square feet of warehouse space when fully completed, a press release states.
Property Reserve, led by CEO Ashley Powell, has dropped serious coin for South Florida properties, fattening up a national commercial real estate portfolio worth an estimated $100 billion. Last month, the firm paid $133 million for Ellsworth, an eight-story apartment building with 315 units in Plantation.
Beacon Logistics is in a booming industrial sector of Hialeah. The industrial campus is adjacent to a nearly 26-acre development site owned by Doral-based commercial real estate firm Easton Group and Irvine, California-based LBA Logistics. In 2022, the joint venture paid $29.4 million for the vacant property and plans to build a pair of spec warehouses totaling 462,954 square feet.
Also nearby, Easton and LBA completed a roughly 267,000-square-foot warehouse at 10701 Northwest 142 Street in 2022.