Key Takeaways
- • Prologis acquired the Davie Business Center in Broward County for $352.2 million, comprising seven warehouses totaling 1.2 million square feet at approximately $300 per square foot, marking the largest industrial deal in South Florida year-to-date in 2026.
- • The portfolio is 97% leased to 25 tenants, including marquee names Boeing, Western Union, and Comcast, providing immediate cash flow stability and reducing leasing risk for the acquirer.
- • The transaction surpassed the previous 2026 record of $219.7 million (Kurv Industrial's East Pompano Industrial Center purchase in April), reflecting accelerating capital deployment in the Broward industrial market.
- • Broward County industrial vacancy remains tight at 5.5%, with first-quarter leasing volume jumping 24% and rents averaging $17.50 per square foot, signaling market stabilization and pricing power for well-positioned assets.
- • The deal exemplifies institutional capital concentration in South Florida logistics real estate, following significant purchases by Blackstone's Link Logistics ($163.1 million in March, $195.9 million in April) and other major players, as constrained developable land drives valuations higher.
Summary
Prologis, the San Francisco-based industrial real estate titan, completed a $352.2 million acquisition of the Davie Business Center from IDI Logistics affiliates, establishing a new high-water mark for industrial transactions in South Florida in 2026. The portfolio comprises seven Class-A warehouses spanning 1.2 million square feet across addresses on Davie Road in Broward County, with a blended acquisition cost of approximately $300 per square foot. The asset was developed between 2013 and 2022, positioning it within the region's newer stock of logistics-focused infrastructure.
The portfolio's investment thesis rests on stable, diversified occupancy. Ninety-seven percent of the space is leased to 25 tenants, substantially mitigating near-term leasing risk. Anchor tenants include Boeing, Western Union, and Comcast, providing creditworthy counterparties and predictable cash flow. Prologis Vice President and Investment Officer Alex Vargas Vila characterized the acquisition as a significant expansion of the company's South Florida footprint, reflecting management's conviction in the regional market's fundamentals.
The transaction eclipsed the previous 2026 record by $132.5 million, surpassing Kurv Industrial's April purchase of the East Pompano Industrial Center for $219.7 million. This deal dominance underscores Prologis' superior capital access and the competitive intensity for premium logistics assets in supply-constrained markets. Broward County industrial real estate faces structural supply headwinds—vacant land suitable for large-scale development has become increasingly scarce, supporting price appreciation and reducing new supply growth.
Market conditions favor continued institutional investment. According to CBRE data cited in the primary source, Broward County's industrial vacancy rate held steady at 5.5% in the first quarter, while leasing volume surged 24% year-over-year and average rents reached $17.50 per square foot, signaling market stabilization and pricing momentum. This backdrop has attracted a constellation of alternative asset managers and institutional investors. Blackstone subsidiary Link Logistics deployed $163.1 million in March for a Pompano Beach portfolio and $195.9 million in April for a Boynton Beach acquisition. Additional transactions by Dalfen Industrial ($99.6 million in Fort Lauderdale and Weston) and Reyes Holdings (Deerfield Beach) throughout June reinforce sustained capital deployment across the region's industrial sector.
CBRE National Partners represented IDI Logistics as the selling advisor, a placement typical of institutional-quality asset dispositions in the logistics space.
The portfolio's investment thesis rests on stable, diversified occupancy. Ninety-seven percent of the space is leased to 25 tenants, substantially mitigating near-term leasing risk. Anchor tenants include Boeing, Western Union, and Comcast, providing creditworthy counterparties and predictable cash flow. Prologis Vice President and Investment Officer Alex Vargas Vila characterized the acquisition as a significant expansion of the company's South Florida footprint, reflecting management's conviction in the regional market's fundamentals.
The transaction eclipsed the previous 2026 record by $132.5 million, surpassing Kurv Industrial's April purchase of the East Pompano Industrial Center for $219.7 million. This deal dominance underscores Prologis' superior capital access and the competitive intensity for premium logistics assets in supply-constrained markets. Broward County industrial real estate faces structural supply headwinds—vacant land suitable for large-scale development has become increasingly scarce, supporting price appreciation and reducing new supply growth.
Market conditions favor continued institutional investment. According to CBRE data cited in the primary source, Broward County's industrial vacancy rate held steady at 5.5% in the first quarter, while leasing volume surged 24% year-over-year and average rents reached $17.50 per square foot, signaling market stabilization and pricing momentum. This backdrop has attracted a constellation of alternative asset managers and institutional investors. Blackstone subsidiary Link Logistics deployed $163.1 million in March for a Pompano Beach portfolio and $195.9 million in April for a Boynton Beach acquisition. Additional transactions by Dalfen Industrial ($99.6 million in Fort Lauderdale and Weston) and Reyes Holdings (Deerfield Beach) throughout June reinforce sustained capital deployment across the region's industrial sector.
CBRE National Partners represented IDI Logistics as the selling advisor, a placement typical of institutional-quality asset dispositions in the logistics space.
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