Prologis is ending the year with South Florida’s eighth largest industrial deal of the past 12 months, paying $57 million for a Doral warehouse.
An affiliate of Coral Gables-based Codina Partners, led by Armando Codina and Ana-Marie Codina Barlick, sold the 157,214-square-foot facility to San Francisco-based Prologis, led by Hamid Moghadam, records show.
The deal breaks down to roughly $362 per square foot.
In 2022, Codina completed the warehouse, which is within Beacon Lakes, a 640-acre industrial business park also developed by the Coral Gables-based firm, records show. Transportation company King Ocean Service is the facility’s tenant.
Prologis’ purchase supplanted another Codina sale as the eighth priciest industrial deal in 2024. In July, Codina sold a warehouse within Beacon Logistics Park in Hualeah for $55.8 million. Salt Lake City, Utah-based Property Reserve, the real estate investment arm of The Church of Jesus Christ of Latter-Day Saints, bought the 232,620-square-foot facility.
In August, Prologis dropped $54.5 million for a one-story building on a 18.5-acre site in Doral that was the former headquarters for TracFone, a wireless telecommunications subsidiary of Verizon. That purchase dropped from the ninth to tenth largest industrial deal of 2024.
Prologis plans to redevelop that building into a logistics warehouse. In July, the firm also bought Pan American North Business Park, an industrial complex in Medley, for $50.9 million. The business park was part of a nationwide industrial portfolio that Blackstone sold to Prologis for $3.1 billion.
A handful of this year’s biggest industrial deals occurred between November and this month, with Blackstone playing a central role in the top three sales. Last month, Boston-based Longpoint Realty Partners notched the No. 1 industrial purchase, paying Blackstone subsidiary Link Logistics $331.3 million for a 26-property industrial portfolio in Miami-Dade, Broward and Palm Beach counties.
This month, Link sold five warehouses in Sunrise to Miami-based Elion Partners for $205.5 million, and also sold an Opa-locka warehouse campus to TA Realty for $160 million. The deals are the second and third priciest industrial deals of the past year, respectively.