CenterPoint Invests in Prime Miami Parking and Storage Site
Posted By Staff Writers On November 15, 2021 @ 2:15 pm
OAK BROOK, IL – CenterPoint Properties has completed its third investment in South Florida in less than two months, purchasing a 3.67-acre property at 10500 NW South River Drive in Medley, FL.
A construction equipment operator maintains and parks vehicles on the spacious property and its nearly 17,000 square foot building.
Roberto Susi and Jose Sasson of AXIOM Capital Advisors brokered the transaction.
E-commerce continues to drive up industrial rent prices and keep vacancy rates low in Miami-Dade County. Continued tenant demand in the industrial sector in 2022 figures to drive rents even higher.
“An infill property like this with just 10 percent coverage, in this market, is precious,” said PJ Charlton, CenterPoint’s Senior Vice President of Investments. “CenterPoint is committed to investing in outstanding parking and storage sites that are critical for e-commerce, logistics and port-related operations,” Charlton stated.
The Medley site has frontage along the Okeechobee Highway and is 7 miles from Miami International Airport and about 15 miles from PortMiami. It’s also minutes from four facilities CenterPoint bought last year in the Countyline Corporate Park.
In October, CenterPoint purchased a low-coverage property in Pompano Beach, and in September, it added a 65,000-square-foot distribution building in Doral to its growing 4.5 million-square-foot South Florida portfolio.
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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.