Prologis lightened its South Florida industrial portfolio after selling three Broward County warehouses for $53.1 million.
An affiliate of Arnet Pharmaceuticals, led by CEO Jose Tabacinic, acquired the industrial complex at 2501 to 2555 Davie Road in Davie from San Francisco-based Prologis, led by CEO Hamid Moghadam, records show.
The buyer partially financed the purchase with a $37 million loan from TD Bank. The deal breaks down to $267 per square foot.
Davie-based Arnet paid $37.2 million above the previous sale price 11 years ago. Arnet occupies half of the fully leased complex, known as Westport Business Park, under a lease agreement that expires in 2035, according to an online listing.
Prologis paid $15.9 million for the 12.3-acre site in 1990, records show. The warehouses were completed in 1990.
Arnet manufactures vitamins, minerals, amino acids and herbal supplements, according to the company’s website.
Prologis is among South Florida’s largest institutional owners of industrial properties. In January, the firm sold a 3.4-acre industrial site near Miami International Airport to Miami-Dade County for $17 million.
As part of that transaction, Prologis agreed to demolish four one- and two-story warehouses on the property, which Miami-Dade plans to use for parking and as a construction staging area for other airport projects.
Last year, Prologis dropped $112 million for two other industrial properties near Miami International Airport. The firm paid $57 million for a 157,200-square-foot facility in Doral, and acquired the former TracFone Wireless headquarters near Doral for $55 million. Prologis plans on redeveloping the existing office building into warehouses.
Miami-Dade’s industrial market has softened the past year. The vacancy rate jumped to 5.5 percent in the third quarter compared with 4.6 percent during the same period last year, according to Colliers. The average asking rent grew slightly to $16.65 per square foot in the third quarter compared to $16.43 in the same period last year.
