Completed in 2022, the 157,214-square-foot warehouse property is located within Beacon Lakes, a 640-acre industrial park also developed by Codina Partners. Prologis plans to redevelop the warehouse into a logistics facility.
San Francisco-based Prologis filed an administrative modification application with county officials for the 18.5-acre site at 9700 N.W. 112th Ave., in the Flagler Station business park near Doral.
To facilitate the airport’s growth, Miami-Dade County could purchase a warehouse that is located just east of MIA. The county has been actively buying property around the airport, including the purchase of an office building in August.
The 7.3% year-over-year increase is good news for landlords that have been coping with a supply surge, but the overall industrial market is still down from its record highs in 2022.
Artificial intelligence is expected to drive demand for data centers and is giving the world’s largest industrial property company tremendous confidence in future growth. Every time a warehouse is converted to a data center, Prologis pick up $500 a foot of value.