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In the past 14 months, the industrial real estate investment, development and management firm has acquired 38 buildings totaling nearly seven million square feet and 456 acres in six of its core markets: New York/New Jersey, Los Angeles, Houston, South Florida, Oakland and Seattle.
Despite challenging global economic conditions over the past year, CenterPoint has ramped up its national investment strategy in port, intermodal and leading e-commerce markets like never before in the Company’s 37-year history. It has invested $1.3 billion over the past five quarters in the country’s most competitive infill markets.
CenterPoint has gone to considerable lengths over the past decade to diversify its portfolio outside of its home market of Chicago and concentrate resources on coastal port markets with high barriers to entry and large populations. That strategy – and spending more in 2020 than it did in ’15-17 combined – has helped grow its portfolio to nearly $8 billion in America’s prime industrial markets.
“We’re very optimistic about our prospects for continued success based on the types of deals we’ve closed in recent months, the class of properties we’ve added, and the strength of the opportunities we see on the horizon,” said CenterPoint Chief Investment Officer Jim Clewlow. “We’ve also appointed Senior Vice Presidents Evan Lippow and Rives Nolen to head up our West and Central Investment Teams, respectively. We have full confidence in them and our East Region Senior Vice President PJ Charlton to continue making this period the most productive in CenterPoint history,” Clewlow emphasized.
CenterPoint became one of the largest landlords in the New York City boroughs in one fell swoop to begin 2020 by acquiring three last-mile facilities in Brooklyn. The 925,000-square-foot “Flatlands Portfolio” was one of two major portfolio deals made by CenterPoint’s East Coast Investments Team last year.
In December 2020, it completed the second of a pair of acquisitions in Miami-Dade County, acquiring four buildings totaling 1.46 million square feet in the premier Countyline Corporate Park in one of the region’s biggest transactions in 2020. South Florida investments accounted for more than 20% of the total CenterPoint has spent since Q1 ’20, highlighting its intention to remain as one of the most active investors in the highly competitive region.
“The industrial sector remains very competitive, but we have found interesting opportunities to invest capital into our favorite markets,” said PJ Charlton, Senior Vice President of Investments for CenterPoint’s East Region. “Whether it is buying one-off Class B assets that require repositioning, or larger Class A transactions like our Countyline Portfolio acquisition in Miami, we are market-driven and can handle a variety of different transaction types, including development, within those target markets,” Charlton added.
The lion’s share of CenterPoint’s investments since the start of ’20 has been made along the West Coast. The Company’s 17 acquisitions in Southern California, Oakland and Seattle brought 25 buildings and more than 3.75 million square feet into its portfolio. In March ’20, CenterPoint closed on a massive 1.6-million-square-foot rail-served property in Ontario, CA, one of the largest distribution facilities for lease on the West Coast.
CenterPoint bolstered its Oakland portfolio by adding three prime port-proximate facilities in the East Bay submarket. It also remained aggressive in the Seattle market, making five acquisitions in Q4 ’20 alone between the Ports of Seattle and Tacoma.
“CenterPoint was one of the most active investors in the West Region in 2020, and we’re committed to surpassing that investment volume in 2021,” said Evan Lippow, CenterPoint Senior Vice President of Investments for the West Region. “We’re hyper-focused on zeroing in on port and infill product that help solve the supply chain challenges retail, transportation and logistics companies are grappling with as e-commerce demand intensifies,” Lippow concluded.
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, follow us on LinkedIn. For all media inquiries, including requests for interviews with CenterPoint executives, please contact media@centerpoint.com or 630.586.8285.
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