CenterPoint Acquires Two New Buildings to Bolster South Florida Portfolio
Posted By Staff Writers On June 30, 2020 @ 10:00 am
OAK BROOK, IL – CenterPoint Properties has acquired two buildings totaling 412,132 SF in the prime Countyline Corporate Park in Miami-Dade County. The properties, at 3880 W. 104th Street and 3980 W. 104th Street in Hialeah, FL, give tenants direct access to the entire South Florida region, Miami International Airport, Port Miami and Port Everglades.
Miami-Dade County is “A” rated by Green Street due to its strategic location near regional transportation infrastructure, as well as a labor and consumer pool of more than six million people. E-commerce and last-mile distribution have driven high industrial demand in Miami-Dade and Broward counties in recent years.
“CenterPoint is committed to strengthening our profile in high-demand markets like South Florida. We’ll continue to identify and capitalize on investment opportunities that have great long-term growth potential and we are excited to acquire buildings from an experienced, professional developer in Flagler Global Logistics (“Flagler”),” said David Nenner, CenterPoint Senior Vice President of Asset Management.
Construction on the buildings finished in 2020, and both are fully leased. The 197,716 SF building on the 10-acre property at 3880 W. 104th Street has 66 dock-high doors, a 32’ clear-height and more than 17,000 SF of office space. Its counterpart, at 3980 W. 104th Street, sits on 12.5-acres, has 16,000 SF of office space, 71 dock-high doors and a 32’ clear-height.
This is CenterPoint’s tenth acquisition in South Florida since 2017, making it one of the most active industrial investors in the region. CenterPoint has invested $400 million and added 3 million SF in South Florida, increasing its East Coast portfolio to a total of 17 million SF.
In February, CenterPoint purchased a 17-acre land site at 3200 NW 67th Street in Miami, FL, also from Flagler, and is poised to continue its rapid market ascension in the months ahead.
“This acquisition aligns with the strategy CenterPoint embarked upon years ago to acquire port-proximate properties in major population centers coast-to-coast. In the last 12 months, we have acquired and developed over $1.5 billion of highly functional, infill industrial product in the most sought-after industrial markets in the country. This was a unique opportunity to acquire brand new buildings, fully leased on a long-term basis,” said PJ Charlton, Senior Vice President of Investments at CenterPoint.
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About CenterPoint Properties
CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems—the delicate, the complex, the seemingly-impossible—that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, visit centerpoint.com, follow @CenterPointProp on Twitter or engage with us on LinkedIn.