In one of South Florida’s largest industrial lease agreements so far this year, the shipping company’s renewals include 208,400 square feet at 8001 NW 79th Avenue and 88,584 square feet at 7800–7890 NW 80th Street.
Prologis anticipates raising $800 million to $1.2 billion from selling properties in 2024 as interest rates and property valuations begin to stabilize in coming months, encouraging buyers and sellers to make more deals.
Blackstone sold the Medley warehouse to Prologis for as part of a larger portfolio deal. Built on an 8.8-acre site in 2013, this is the first time the Pan American North Business Park has sold.
The San Francisco-based REIT reported 98% occupancy in its massive global portfolio in the first three months of the year — a slight increase from the same time in 2022 — as e-commerce spending picked up and helped drive leasing of warehouses.