CenterPoint Properties has purchased a unique last-mile facility at 1405 SW 8th Street in Pompano Beach, FL.
The 40,428-square-foot regional distribution warehouse covers only 20 percent of the 4.5-acre rail-served property.
Industrial warehouse demand is smashing previous all-time highs as large retailers and e-commerce and logistics companies continue to jockey for space, and the South Florida economy continues to thrive. Demand in South Florida is at such a fever pitch, companies are having a hard time finding space to lease, and rents are growing quickly to record-setting levels.
“Rising rents and construction prices, in addition to a scarcity of suitable infill sites, are all converging to make Miami-Dade and Broward some of the most competitive industrial markets in the nation for investors and users,” said CenterPoint’s Investment Officer Mac Lee.
In addition to the property’s above-average parking, outdoor storage, and rail service, its proximity to a dense population and Port Everglades makes it an ideal last-mile site.
“This property’s rail service and outside storage are unique and hard to find in South Florida,” said CenterPoint’s Senior Vice President of Investments PJ Charlton. “This property is a nice complement to our growing portfolio – in the last year alone, we have invested over $300 million in South Florida between our recent acquisitions and developments in the region,” Charlton finished.
CenterPoint’s South Florida portfolio has now grown to 17 properties and more than 4.5 million square feet.
Steve Wasserman and Erin Byers of Colliers brokered the transaction. An existing CenterPoint tenant in Miami, a building supply company, is also leasing 1405 SW 8th St. long term.
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 email@example.com or 630.586.8285.