Mormon Church Buys Miami Industrial Park for $174M
By Julia Echikson January 2, 2024 9:28 pm
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Mormons want in on Miami’s industrial market.
The real estate investment arm of The Church of Jesus Christ of Latter-day Saints, called Property Reserve Inc, paid $174.3 million for the Beacon Logistics Park in Hialeah, according to property records.
The sale features four warehouses that were completed between 2020 and 2022 and another two that are under construction.
The biggest transaction, which amounted to $97.8 million, includes two industrial buildings on 50 acres at 4121 W 91st Place. One building totals 229,336 square feet and the other 149,850 square feet. Two other warehouses, which span just over 210,000 square feet each, are under construction on the site, according to property records.
In two additional transactions, Property Reserve paid $38 million a piece for two warehouses, each spanning roughly 148,000 square feet. The two buildings are located on 16 acres at 4220 and 4120 W 91st Place.
The seller, Codina Partners, began construction in 2018 after securing a $53.4 construction loan, according to South Florida Business Journal. The Coral Gables-developer had purchased the lots for a combined $39 million in 2015 and 2016.
A representative for Property Reserve, Inc could not be reached for comment, while a spokesperson for Codina Partners did not immediately respond to a request for comment.
The sale comes just a month after Longpoint dropped $260 million for a 25-building portfolio across Miami-Dade and Broward Counties. The deal was South Florida’s priciest last year.
Julia Echikson can be reached at jechikson@commercialobserver.com.
