Prologis bought the headquarters of a Verizon subsidiary near Doral for $54.5 million and planned an industrial transformation.
The San Francisco-based real estate investment trust bought the single-story building at 9700 Northwest 112th Avenue in an unincorporated area of Miami-Dade County from TracFone Wireless, records and real estate database Vizzda show.
Completed in 2000, the nearly 140,000-square-foot building sits on a 18-acre lot, Vizzda records show, and last sold in 2013 for $19.1 million.
Verizon bought wireless carrier TracFone 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, Alex Vargas Vila, Prologis’ vice president and investment officer for South Florida, said the company plans to redevelop the property with “modern logistics space” that customers need to “run and grow their businesses.”
Prologis has bet big on the South Florida industrial market. Last month, the company spent $50.9 million on 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 of a nearly 150 million-square-foot nationwide industrial portfolio from Blackstone.
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 two warehouses in Pompano Beach at 2101 Park Central Boulevard and 1521 West Copans Road.
Prologis also owns the massive 436-acre Beacon Lakes industrial park between Florida’s Turnpike and Northwest 137th Avenue and between Northwest 12th Street and 25th Street in western Miami-Dade. Starting in 2022, Prologis plans to expand Beacon Lakes with four buildings totaling more than 500,000 square feet.
