LDS Church Affiliate Deposits Millions in Hialeah Warehouses

It was the largest industrial transaction in Miami-Dade County in 2023. Six warehouses in Hialeah went under the hammer for $174.3 million, but the buyer was not a large company or manufacturer. It was the Mormon Church.

It’s not yet clear what exactly the Church of Jesus Christ of Latter-day Saints, also known as the Mormon Church, plans to do with the massive warehouse. But the Utah-based LDS Church is already one of Florida’s largest private landowners, with properties that include a sprawling ranch in central Florida and a huge tract of forestland in the Panhandle .

Buying is an investment game, said Chris Spear, principal at brokerage ComReal. He said: “TThe Mormon Church is one of the largest real estate investors in the United States. »

Property Reserve, an investment arm of The Church of Jesus Christ of Latter-day Saints, purchased the 1.3 million-square-foot Beacon Logistics Park site from Coral Gables-based Codina Partners.

The sale was confirmed by property records, commercial real estate analytics firm CoStar and real estate investment firm Colliers.

The industrial park at 4220 W. 91st Ter., just west of Interstate 75, includes six buildings ranging from 129,000 square feet to 232,620 square feet.

While this is the biggest deal in 2023 for Miami-Dade, it’s not the biggest in South Florida. Real estate private equity firm Longpoint Partners’ $262 million purchase of a Deerfield Beach industrial park in Broward County earns that distinction.

But the LDS Church purchase still outweighs the $113 million sale of the Bridge Point Cold Logistics Center in Hialeah. The cold storage warehouse was sold to Pontegadea, the same Spanish investment company headed by Amancio Ortega, co-founder of the Zara clothing chain.

Although Church’s plans are unclear, a commercial real estate expert said recent transactions show demand remains high for warehouses in South Florida, given the state’s population boom and growth in online shopping and home deliveries.

Buyers have an “insatiable appetite” for South Florida warehouses, said Steven Wasserman, Colliers vice president of international. “E-commerce has changed the world. Whether you want to buy a sweater from Macy’s in-store or have it delivered to your home, it’s changed everything,” Wasserman said. “E-commerce is stronger than ever. »

Codina Partners and representatives of Property Reserve did not respond to multiple interview requests from the Miami Herald.

Mormon Church in Florida

The LDS Church is one of the largest private landowners in Florida, owning more than 2 percent of its territory, according to report from the Salt Lake Tribune.

The church has owned Deseret Ranches, a 290,000-acre livestock and citrus farm spread across three central Florida counties and located about 50 miles from Orlando International Airport, for more than 60 years . Farmland Reserve, Inc., a nonprofit entity of the Church headquartered in Salt Lake City, purchased the Florida farmland in 1950. Deseret Ranches Website says the ranch “serves as an agricultural investment and resource to support the Church’s charitable efforts.” The website also says the ranch pays property taxes, unlike religious institutions, and supports the local economy.

In 2013, the LDS Church made another major land purchase: 400,000 acres in the Panhandle region of Florida, for $565 million, according to Reuters. Such land purchases are made through Church-owned companies such as Property Reserve, Farmland Reserve and AgReserves Inc.

Religion and real estate

The Church of Latter-day Saints has 267 congregations across Florida, including 19 in Miami-Dade County. There are approximately 22,470 LDS members in Broward and Miami-Dade County, according to a 2020 report from the Association of Religion Data Archives.

The LDS Church has become more 17 million members and 31,000 congregations worldwide in 2023. Latter-day Saints believe there will be a Second Coming of Christand that those who have obeyed certain religious covenants on Earth “will return to live with God and their families forever,” according to the LDS website.

The Church’s website outlines some principles that appear to be reflected in the accumulation of real estate. He states that a large part of LDS culture is well-being and learning to become independent, or being able to care for the spiritual and physical needs of oneself, one’s family and one’s community. This may include starting their own business, being financially savvy, or accumulating resources to prepare for uncertain times. The LDS Church also operates resource warehouses or “bishops’ warehouses,” which are like cashier-less supermarkets and are funded by donations from church members. There are 260 establishments across the country that provide food and household products to everyone — inside or outside the church — who is in difficulty. The idea is that if the world descends into chaos, LDS members will be ready to weather the storm.

This the story was produced with financial support by Trish and Dan Bell and donors including the Jewish and Muslim communities of South Florida, in partnership with Journalism Funding Partners. The Miami Herald retains full editorial control of this work.

This the story was produced with financial support by Trish and Dan Bell and donors including the Jewish and Muslim communities of South Florida, in partnership with Journalism Funding Partners. The Miami Herald retains full editorial control of this work.

This story was originally published January 6, 2024, 2:28 p.m.