Prologis Pays $55M For Verizon Subsidiary HQ Near Doral With Plans For Industrial Redevelopment.

Prologis Expands Its Industrial Portfolio Near Doral

Prologis has purchased a Verizon subsidiary’s headquarters near Doral for $54.5 million. The company plans to redevelop the property into a modern industrial facility, further expanding its presence in one of South Florida’s strongest logistics markets.

The San Francisco-based real estate investment trust acquired the property at 9700 Northwest 112th Avenue in unincorporated Miami-Dade County. The seller was TracFone Wireless, according to Vizzda records.

Property Details

The property features a one-story building totaling nearly 144,000 square feet on an 18.5-acre site. It was completed in 2000 and last sold for $19.1 million in 2013.

Verizon acquired TracFone Wireless, a telecommunications provider, in 2021. Today, Prologis plans to reposition the site for industrial use, reflecting continued demand for warehouse and logistics facilities across South Florida.

Why This Redevelopment Matters

The acquisition highlights Prologis’ long-term strategy of expanding its industrial real estate portfolio in Miami-Dade County. Doral remains one of the region’s most desirable locations because of its proximity to major highways, Miami International Airport, and key distribution networks.

As demand for industrial space continues to grow, redevelopment projects like this help meet the needs of logistics, distribution, and e-commerce businesses.

In a statement to the South Florida Business Journal, Prologis VP and investment officer for South Florida Alex Vargas Vila said the firm plans to redevelop the property with “modern logistics spaces” that customers need to “manage and grow their businesses.” Additionally, this falls in line with the story: Prologis Pays $55M For Verizon Subsidiary HQ Near Doral With Plans For Industrial Redevelopment.

Prologis has been making hefty bets on South Florida’s industrial market. Last month, the firm dropped $50.9 million for 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 from Blackstone of a nationwide industrial portfolio spanning nearly 14 million square feet.

Prologis Pays $55M For Verizon Subsidiary HQ Near Doral With Plans For Industrial Redevelopment represents a significant move in industrial real estate in the area.

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 pair of Pompano Beach warehouses at 2101 Park Central Boulevard and 1521 West Copans Road.

Prologis also owns the massive, 436-acre Beacon Lakes business park, between Florida’s Turnpike and Northwest 137th Avenue, and between Northwest 12th Street and 25th Street in west Miami-Dade. As of 2022, Prologis planned a Beacon Lakes addition of four buildings spanning more than 500,000 square feet.