Prologis has sold three warehouses in Broward County, Florida, for $53.1 million. The buyer is an affiliate of Arnet Pharmaceuticals, led by CEO Jose Tabacinic. The industrial complex, located at 2501 to 2555 Davie Road in Davie and known as Westport Business Park, was previously owned by San Francisco-based Prologis under the leadership of CEO Hamid Moghadam.
Arnet partially financed the acquisition with a $37 million loan from TD Bank. The purchase price amounts to $267 per square foot and represents an increase of $37.2 million over the last sale price recorded 11 years ago. According to an online listing, Arnet occupies half of the fully leased property under a lease that runs until 2035.
The site covers 12.3 acres and was originally purchased by Prologis for $15.9 million in 1990; the warehouses were completed that same year. Arnet Pharmaceuticals produces vitamins, minerals, amino acids, and herbal supplements.
Prologis remains one of South Florida’s largest institutional owners of industrial properties. In January, it sold a 3.4-acre industrial site near Miami International Airport to Miami-Dade County for $17 million and agreed to demolish four warehouses on that property as part of the deal so that Miami-Dade could use the land for parking and construction staging related to airport projects.
Last year, Prologis spent $112 million acquiring two other industrial properties near Miami International Airport: it paid $57 million for a facility in Doral and bought the former TracFone Wireless headquarters near Doral for $55 million with plans to redevelop it into warehouse space.
The region’s industrial market has shown signs of softening over the past year; Colliers reported that vacancy rates in Miami-Dade rose to 5.5 percent in the third quarter from 4.6 percent during the same period last year while average asking rents increased slightly from $16.43 per square foot to $16.65 per square foot.
