Prologis has sold three warehouses in Broward County, Florida, for $53.1 million as the region’s industrial real estate market shows signs of cooling. The buyer is an affiliate of Arnet Pharmaceuticals, a company 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 CEO Hamid Moghadam.
Arnet partially financed the acquisition with a $37 million loan from TD Bank. The sale price equates to $267 per square foot and represents a significant increase from the previous transaction 11 years ago, with Arnet paying $37.2 million more than the prior sale price. According to an online listing, Arnet occupies half of the fully leased complex under a lease that runs through 2035.
Prologis originally purchased the 12.3-acre site in 1990 for $15.9 million and completed construction of the warehouses that same year. Arnet Pharmaceuticals manufactures vitamins, minerals, amino acids, and herbal supplements.
Prologis remains one of South Florida’s largest institutional owners of industrial properties. Earlier this year, it sold a 3.4-acre industrial site near Miami International Airport to Miami-Dade County for $17 million. As part of that deal, Prologis agreed to demolish four warehouses on the property so Miami-Dade could use the land for parking and as a staging area for airport construction projects.
In 2024, Prologis spent $112 million acquiring two other industrial properties near Miami International Airport: one facility in Doral for $57 million and another property—the former TracFone Wireless headquarters—for $55 million. The company plans to redevelop the office building into warehouse space.
The industrial market in Miami-Dade has shown signs of softening over the past year. According to Colliers, vacancy rates rose to 5.5 percent in the third quarter compared with 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.
