Prologis, led by Hamid Moghadam, wants to expand its already massive Beacon Lakes business park in west Miami-Dade County.
The San Francisco-based firm wants to build four warehouses on 55 acres at Beacon Lakes, according to an application submitted to Miami-Dade County late last month. In an emailed statement, Prologis said it wants to add more than 500,000 square feet.
The 436-acre, master-planned Beacon Lakes, which spans from Florida’s Turnpike to Northwest 137th Avenue and from Northwest 12th Street to 25th Street, also includes offices and retail.
Prologis, a real estate investment trust, cited in its statement the strong demand for industrial space in South Florida as a reason for its planned Beacon Lakes expansion.
In the third quarter, Miami-Dade’s industrial vacancy rate hit a record low of 1.8 percent, according to JLL. The average asking rent increased to $14.35 a square foot, up from $8.84 per square foot during the same period of last year.