Real Estate Rumors: Prologis, Oceanwide, Valley Bank

By Andrew McIntyre
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Law360 (June 30, 2020, 7:22 PM EDT) -- Logistics developer Prologis Inc. has picked up a development site close to Miami International Airport for $24.53 million, the South Florida Business Journal reported on Tuesday. The deal is for a 9-acre site close to the airport, and the seller is Bergeron Land Development, according to the report. The property, which currently has an automotive building, last traded hands in 2003 for $7.6 million, the journal reported.

Oceanwide Holdings' planned sale of a San Francisco mixed-use office and residential project to private equity shop Hony Capital for roughly $1 billion has hit another delay due to the COVID-19 pandemic, The Real Deal reported on Tuesday. The companies in March extended the deadline for due diligence of the 2.4 million-square-foot Oceanwide Center project to the end of June, and have now pushed that deadline to the end of September, according to the report.

Valley National Bank has loaned $10.55 million for a self-storage project in Plantation, Florida, the South Florida Business Journal reported on Tuesday. The loan to an entity managed by Florida investor Sam Jazayri is for a project at 231 and 251 S.W. 125th Ave., where Jazayri is planning to build 109,000 square feet of self-storage space, according to the report.

--Editing by Alanna Weissman.

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