Prologis has sold three warehouses in Broward County, Florida, for $53.1 million as part of a move to reduce its industrial holdings in the region. The properties, located at 2501 to 2555 Davie Road in Davie, were acquired by an affiliate of Arnet Pharmaceuticals. Records indicate that Arnet’s CEO is Jose Tabacinic and Prologis is led by CEO Hamid Moghadam.
The purchase was partially financed with a $37 million loan from TD Bank. The sale price equates to $267 per square foot. This transaction marks a significant increase from the previous sale price 11 years ago, with Arnet paying $37.2 million more than what was paid at that time.
Arnet currently occupies half of the complex, known as Westport Business Park, under a lease agreement that extends 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 manufactures products such as vitamins, minerals, amino acids, and herbal supplements.
Prologis remains one of South Florida’s largest institutional owners of industrial real estate. Earlier this year, the company sold a 3.4-acre industrial property near Miami International Airport to Miami-Dade County for $17 million. As part of that deal, Prologis agreed to demolish four warehouses on the site so Miami-Dade could use it for parking and construction staging related to airport projects.
In 2024, Prologis spent $112 million acquiring two other industrial sites near Miami International Airport—one being a facility in Doral purchased for $57 million and another being the former TracFone Wireless headquarters acquired for $55 million with plans to redevelop it into warehouse space.
The broader Miami-Dade industrial market has shown signs of softening over the past year. According to Colliers, vacancy rates rose from 4.6 percent in the third quarter last year to 5.5 percent this year while average asking rents increased slightly from $16.43 per square foot to $16.65 during the same period.
