CenterPoint Properties Acquires Three-Building, 1.1 Million SF Portfolio on the East Coast
Posted By Staff Writers On April 25, 2016 @ 12:42 pm
OAK BROOK, IL – CenterPoint is pleased to announce a three-building, 1,159,489 square foot portfolio acquisition across the Southeast region. The properties are located in Savannah, Georgia; Charleston, South Carolina and Mobile, Alabama. Frank Fallon of CBRE National Partners represented the seller, Johnson Development Associates Inc., in the transaction.
The logistically-advantaged portfolio spans across 105 acres and 1.1 Million square feet of modern, Class-A warehouse space. All buildings are well located in their markets with close proximity to the Ports of Savannah, Charleston and Mobile.
“This portfolio supports CenterPoint’s strategy of acquiring facilities in growing port markets,” said PJ Charlton, Senior Vice President of Investments at CenterPoint. “With all three buildings located near respective port markets, highways and rail lines, these are ideal locations for tenant operations and distribution.”
The buildings were developed in 2007 and 2008 featuring modern design characteristics such as 32’ clear height, cross dock loading configurations, 50’ x 52’ column spacing, and additional trailer parking capabilities. All three buildings are fully leased to quality tenants who benefit from the close proximity to the ports and the immediate access to the highway infrastructure, including Interstate-16 and Interstate-95 in Savannah, Interstate-26 in Charleston, and Interstate-10 in Mobile.
“We are very excited about this investment as it makes a great addition of fully leased, modern assets to our growing portfolio,” added Charlton. “In the last three months, CenterPoint has acquired nearly 2.4 Million square feet and seven buildings on the East Coast and we are seeking out additional investment opportunities in all the major port and logistically-advantaged markets across the United States.”
This acquisition brings CenterPoint’s East Coast portfolio to 10.6 Million square feet across 68 buildings.