New Jersey-based Prudential Life Insurance Company just took out a $46.8 million mortgage on a huge distribution center in Hialeah, according to Miami-Dade County records.
In April, Prudential purchased Centergate at Gratigny, a one-million-square-foot complex with entrances along East 8th Avenue off the Gratigny Expressway, and a neighboring 29.3-acre vacant lot for $96 million.
The property’s listing showed the vacant land as a future development site for a 630,000-square-foot structure. Prudential’s new financing, taken from Wells Fargo, likely signals that the company is moving forward with that project. Prudential’s website says it has more than $1.2 trillion under its management, and provides a variety of services from life insurance to real estate investment and management.
An affiliate of Barclays Capital Real Estate paid $75.2 million for the sites in a forced sale six years ago.
Source: The Real Deal