Prologis Expands Broward Industrial Holdings With $352M Davie Acquisition

Prologis has expanded its South Florida industrial footprint with the acquisition of Davie Business Center, a 1 million-square-foot logistics park in Broward County.

The San Francisco-based industrial real estate giant purchased the seven-building property from IDI Logistics for $352 million, or roughly $308 per square foot. The transaction includes warehouses at 3300, 3350, 3360, 3370, 3380, 3410 and 3430 Davie Road.

Developed by IDI Logistics in phases between 2013 and 2022, the park features 30- to 32-foot clear heights and is 97 percent leased. Its tenant roster spans several industries, including aerospace, healthcare, consumer products, cruise operations and logistics.

The acquisition gives Prologis additional scale along the eastern stretch of I-595, one of Broward County’s key infill distribution corridors. The company said the purchase strengthens its local portfolio in a market where large, institutional-quality industrial assets rarely become available.

CBRE National Partners represented IDI Logistics in the sale. The Davie assets were acquired as part of a broader transaction that also included 1.6 million square feet of industrial space in California.

The deal adds to a wave of recent industrial investment activity in Broward County. Industrial sales activity in South Florida increased during the first quarter, with both transaction volume and total dollar volume rising year-over-year.

Other recent Broward industrial trades include Reyes Holdings’ $84 million purchase of a 440,000-square-foot Deerfield Beach warehouse from Republic National Distributing Co. and Dalfen Industrial’s $99.5 million acquisition of a nine-property Broward portfolio from Link Logistics.