Prudential takes out $39M loan on Hialeah development site
Land is eyed for future 630,000-square-foot project
February 12, 2016 02:15PMBy Sean Stewart-Muniz
An aerial view of the Centergate at Gratigny distribution center in Hialeah and the attached development site
New Jersey insurance giant Prudential Financial just took out a $39 million mortgage on an industrial development site in Hialeah.
The loan, issued by Regions Bank, covers 27 acres of vacant land at 5801 Northeast 10th directly next to the one-million-square-foot Centergate at Gratigny distribution center, according to Miami-Dade property records.
A rendering of the potential new 630,000-square-foot facility
Prudential’s real estate arm bought the land when it paid an affiliate of Barclays Capital Real Estate nearly $96 million for both the development site and its neighboring distribution center.
According to a listing when the property first sold, Prudential’s 27 acres are slated to become a new 630,000-square-foot industrial complex.
Rental rates at the existing center, which was built in 1999, hover around $7 per square foot annually. A LoopNet listing for the property says 602,000 square feet are available.
Prudential’s real estate division had a slew of big-ticket transactions in South Florida last year. The company paid $83 million for a trophy office tower in Coral Gables, and sold another pair of office towers in West Palm Beach for a whopping $246 million.
Source: The Real Deal