Key Takeaways
- • Prologis acquired the seven-warehouse Davie Business Center in Broward County for $352.2 million, marking the largest industrial real estate transaction in South Florida in 2026 and significantly exceeding the prior year record of $219.7 million set in April.
- • The portfolio comprises 1.15–1.2 million square feet of Class A industrial space across seven buildings on Davie Road, purchased from IDI Logistics affiliates at approximately $300–$308 per square foot.
- • The asset demonstrates strong operational fundamentals with 97% occupancy across 25 tenants, including institutional-grade lessees such as Boeing, Western Union, and Comcast.
- • Prologis' acquisition reflects accelerating institutional capital deployment in Broward County's industrial market, where shrinking developable land, improving leasing dynamics (24% volume jump in Q1 2026), and stable 5.5% vacancy support pricing momentum and rental growth averaging $17.50 per square foot.
- • The transaction underscores Prologis' expanded South Florida footprint within its $72 billion global asset base and represents a continuation of major industrial portfolio consolidation by mega-cap REITs and alternative asset managers in the region.
Summary
Prologis, the San Francisco-based global industrial real estate leader, completed its acquisition of Davie Business Center for $352.2 million on June 9, 2026, executing the largest industrial sale in South Florida this year. The transaction, facilitated by CBRE National Partners on behalf of the seller, involved seven warehouse buildings totaling approximately 1.15–1.2 million square feet of Class A logistics space located at multiple addresses along Davie Road in Broward County. The deal was sourced from affiliates of Atlanta-based IDI Logistics and valued at roughly $300–$308 per square foot.
The portfolio exhibits institutional-quality operational characteristics that likely justified the premium valuation. The asset maintains 97% occupancy distributed across 25 tenants, with marquee lessees including Boeing, Western Union, and Comcast anchoring the tenant roster. According to Prologis Vice President and Investment Officer Alex Vargas Vila, the acquisition "significantly expands the company's South Florida presence." The Davie Business Center was developed in phases between 2013 and 2022, positioning it as modern Class A supply in a market with constrained land availability.
The deal displaced Kurv Industrial's April 2026 acquisition of East Pompano Industrial Center (Pompano Beach) for $219.7 million as the year's prior record transaction. This milestone reflects accelerating institutional capital redeployment into Broward's industrial market amid signs of fundamental stabilization. According to CBRE data, the market maintained a stable 5.5% vacancy rate in Q1 2026, while leasing volume surged 24% year-over-year and asking rents averaged $17.50 per square foot, indicating both supply constraints and rental growth tailwinds.
Prologis' acquisition follows a broader wave of mega-cap industrial acquisitions in the region. In Q1–Q2 2026, Blackstone subsidiary Link Logistics purchased two Pompano Beach and Boynton Beach portfolios totaling approximately $359 million combined, while smaller platform operators including Dalfen Industrial ($99.6 million, Fort Lauderdale/Weston) and Reyes Holdings ($84 million, Deerfield Beach) have also deployed capital. The consistent capital inflow reflects institutional conviction around Broward's constrained land supply and port-proximity logistics positioning, with Prologis' $352.2 million commitment representing the strongest validation of the market's risk-adjusted return profile for 2026.
The portfolio exhibits institutional-quality operational characteristics that likely justified the premium valuation. The asset maintains 97% occupancy distributed across 25 tenants, with marquee lessees including Boeing, Western Union, and Comcast anchoring the tenant roster. According to Prologis Vice President and Investment Officer Alex Vargas Vila, the acquisition "significantly expands the company's South Florida presence." The Davie Business Center was developed in phases between 2013 and 2022, positioning it as modern Class A supply in a market with constrained land availability.
The deal displaced Kurv Industrial's April 2026 acquisition of East Pompano Industrial Center (Pompano Beach) for $219.7 million as the year's prior record transaction. This milestone reflects accelerating institutional capital redeployment into Broward's industrial market amid signs of fundamental stabilization. According to CBRE data, the market maintained a stable 5.5% vacancy rate in Q1 2026, while leasing volume surged 24% year-over-year and asking rents averaged $17.50 per square foot, indicating both supply constraints and rental growth tailwinds.
Prologis' acquisition follows a broader wave of mega-cap industrial acquisitions in the region. In Q1–Q2 2026, Blackstone subsidiary Link Logistics purchased two Pompano Beach and Boynton Beach portfolios totaling approximately $359 million combined, while smaller platform operators including Dalfen Industrial ($99.6 million, Fort Lauderdale/Weston) and Reyes Holdings ($84 million, Deerfield Beach) have also deployed capital. The consistent capital inflow reflects institutional conviction around Broward's constrained land supply and port-proximity logistics positioning, with Prologis' $352.2 million commitment representing the strongest validation of the market's risk-adjusted return profile for 2026.
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