Prologis Pays $55M For Verizon Subsidiary HQ Near Doral, With Plans For Industrial Redevelopment

Prologis bought a Verizon subsidiary’s headquarters near Doral for $54.5 million, with plans for an industrial redevelopment.

The San Francisco-based real estate investment trust scooped up the one-story building at 9700 Northwest 112th Avenue in an unincorporated area of Miami-Dade County from TracFone Wireless, according to records and real estate database Vizzda.

Completed in 2000, the nearly 144,000-square-foot building is on an 18.5-acre site, Vizzda records show. It last traded for $19.1 million in 2013.  Verizon bought TracFone, a wireless telecommunications provider, for $6.9 million in 2021. Prologis is led by co-founder and CEO Hamid Moghadam.

In a statement to the South Florida Business Journal, Prologis VP and investment officer for South Florida Alex Vargas Vila said the firm plans to redevelop the property with “modern logistics spaces” that customers need to “manage and grow their businesses.”

Prologis has been making hefty bets on South Florida’s industrial market. Last month, the firm dropped $50.9 million for the Pan American North Business Park building at 10733-10763 Northwest 123rd Street in Medley. The deal was part of Prologis’ $3.1 billion purchase from Blackstone of a nationwide industrial portfolio spanning nearly 14 million square feet.

In South Florida, Prologis also owns the 150,500-square-foot Prologis I-595 campus at 7050-7060 West State Road 84 in Davie; and the pair of Pompano Beach warehouses at 2101 Park Central Boulevard and 1521 West Copans Road.

Prologis also owns the massive, 436-acre Beacon Lakes business park, between Florida’s Turnpike and Northwest 137th Avenue, and between Northwest 12th Street and 25th Street in west Miami-Dade. As of 2022, Prologis planned a Beacon Lakes addition of four buildings spanning more than 500,000 square feet.

Source:The Real Deal