Prologis Drops $92M for South Florida Properties in Blackstone Portfolio Deal
By Julia Echikson July 13, 2023 3:28 pm
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Prologis (PLD), one of the nation’s largest industrial landlords, snapped up two South Florida warehouses for $92 million from Blackstone (BX) as part of a larger portfolio deal valued at $3.1 billion, property records show.
The San Francisco-based investor paid $50.9 million for a Miami-Dade County industrial property spanning 187,880 square feet at 10763 NW 123rd Street, between U.S. Highway 27 and Ronald Reagan Turnpike, just east of the urban development border. The trade comes to $271 a square foot.
The private equity giant had acquired the 8.8-acre site in 2011, paying $3.3 million, and completing the single-story building two years later, according to records.
In the second deal, Prologis paid $41.1 million for a 153,496-square-foot warehouse at 1800 SW 13th Court in Pompano Beach. The sale equates to $268 a foot.
Blackstone had bought the 9.2-acre site for $9.6 million in 2019 and finished the property two years later, christening it the Cypress Pointe Distribution Center. As of last year, the building was fully leased to JFC International, a subsidiary of food distributor Kikkoman, and floating dock manufacturer Reload Floating Energy, according to Cushman & Wakefield, which represented the owner.
Both transactions are part of a $3.1 billion national portfolio acquisition announced June 26. The cash deal, set to close later this quarter, accounts for 14 million square feet across 70 properties.
The price represents an approximately 4 percent cap rate in the first year and a 5.75 percent cap rate when adjusting to today’s market rents, according to a joint press release.
A representative for Prologis declined to comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
