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“We are bidding on properties right now, on new land sites. We are bidding on facilities in Broward and Miami-Dade County. And we are going to start looking at Palm Beach County as well. We have some aggressive goals for this year and a very good pipeline and hope to have some continued successes.”
- PJ Charlton, Senior Vice President of Investments in the East Region
CenterPoint Properties expects to invest $150 million to $200 million in industrial properties across South Florida this year, a company executive told the Business Journal.
Paul “PJ” Charlton, CenterPoint’s senior VP of investments, said the tri-county area is “one of [its] most important markets across the country” and that his company is “looking to invest as much as [it] can.”
“We are bidding on properties right now … we are bidding on new land sites. We are bidding on facilities in Broward and Miami-Dade County. And we are going to start looking at Palm Beach County as well. We have some aggressive goals for this year and a very good pipeline and hope to have some continued successes,” Charlton said.
In the past two years, CenterPoint invested more than $350 million in Miami-Dade and Broward counties. Those investments included two transactions with SoftBank Group’s Florida East Coast Industries for properties in Hialeah in the span of six months. The deals included the $184.4 million purchase of the 72.2-acre site of a future Home Depot distribution center and $61 million for a pair of new warehouses totaling 1 million square feet. CenterPoint also bought a 65,000-square-foot warehouse near Miami International Airport for $16.5 million, a 40,428-square-foot distribution center in Pompano Beach for $10 million, and several other South Florida sites for storage and freight truck parking.
CenterPoint, which was founded in 1993 and controls more than 66.4 million square feet of industrial property across the United States, isn’t new to South Florida. The company has been active in Miami-Dade and Broward counties for the past seven years and amassed a portfolio of 4.5 million square feet, Charlton said.
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