Church Fund Purchases Miami-Dade Warehouse For $59M

A real estate entity linked to the Church of Jesus Christ of Latter-day Saints (LDS) has acquired a new warehouse in Hialeah for $58.94 million.

RELP Beacon Logistics LLC, an affiliate of Coral Gables-based Codina, led by developer Armando Codina, sold the 200,600-square-foot warehouse at 4121 W. 91st Place to Southeast Commercial LLC, an investment branch of the Salt Lake City-based Property Reserve, which is affiliated with the LDS Church. The purchase price equates to $294 per square foot.

The warehouse, located on 10.6 acres, has a clear height of 36 feet. This acquisition marks the sixth building Southeast Commercial has bought from Codina Partners within Beacon Logistics Park. In 2023, the firm acquired four buildings, followed by a fifth in 2024.

Colliers’ fourth-quarter report noted that Miami-Dade County’s industrial vacancy rate rose to 5.6%, up from 3% in the same quarter the previous year. The average asking price for warehouse space dropped to $16.33 per square foot, down from $17.36. During the fourth quarter, 610,756 square feet of industrial space was completed, with an additional 4.3 million square feet under construction for future delivery.

Source: SFBJ