Prologis has reduced its South Florida industrial holdings by selling three Broward County warehouses for $53.1 million.
An affiliate of Arnet Pharmaceuticals, led by CEO Jose Tabacinic, purchased the industrial complex located at 2501 to 2555 Davie Road in Davie from San Francisco-based Prologis, whose CEO is Hamid Moghadam, according to public records.
Arnet partially financed the acquisition with a $37 million loan from TD Bank. The sale equates to $267 per square foot.
Arnet, based in Davie, paid $37.2 million more than what the properties last sold for 11 years ago. The company currently leases and occupies half of the fully leased complex, which is known as Westport Business Park, under a lease running through 2035, according to an online listing.
Prologis originally paid $15.9 million for the 12.3-acre site in 1990. The warehouses were built that same year.
According to the company’s website, Arnet manufactures vitamins, minerals, amino acids, and herbal supplements.
Prologis is one of the largest institutional owners of industrial properties in South Florida. In January, the company sold a 3.4-acre industrial site near Miami International Airport to Miami-Dade County for $17 million.
As part of that sale, Prologis agreed to demolish four one- and two-story warehouses on the site. Miami-Dade County intends to use the land for parking and as a staging area for construction related to other airport projects.
Last year, Prologis spent a total of $112 million acquiring two additional industrial properties near Miami International Airport. The company paid $57 million for a 157,200-square-foot facility in Doral, and bought the former TracFone Wireless headquarters near Doral for $55 million. Prologis plans to redevelop the former office building into warehouse space.
The industrial market in Miami-Dade has softened over the past year. According to Colliers, the vacancy rate rose to 5.5 percent in the third quarter, up from 4.6 percent during the same period a year ago. The average asking rent increased slightly, reaching $16.65 per square foot in the third quarter, compared to $16.43 in the previous year.
