Pair Of Weston Warehouses Sell For $275 PSF, Nearly Triples In Value

A pair of warehouses in Weston Business Center sold for $110 million as industrial property values in South Florida reach new heights.

Liberty Property LP, in care of San Francisco-based Prologis, sold the 399,757 square feet of warehouses at 2935 and 2945 W. Corporate Lakes Blvd. to Trea Weston Business Center, in care of Nuveen Real Estate in Dallas. Nuveen is the commercial real estate fund of Teachers Insurance and Annuity Association (TIAA), one of the largest retirement funds in the world.

The price equated to $275 per square foot.

The property last traded for $39.5 million in 2010, or $98.81 per square foot, nearly tripling in value. It became part of the Prologis portfolio in 2020 when Prologis acquired Liberty Property Trust for $130 billion.

The two warehouses were built on the 22.8-acre site in 2001.

 

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