CenterPoint completes four building, 1.46 million SF acquisition in Miami

CenterPoint Properties has completed the second half of a four-building acquisition in the prime Countyline Corporate Park in Miami-Dade County, FL. The two state-of-the-art, build-to-suit facilities totaling more than one million SF are leased long-term to a leading national retailer.

“We loved the opportunity to acquire brand new, core product in the Miami market. These are some of the newest and largest buildings in the market and are leased on a long-term basis,” said PJ Charlton, CenterPoint Senior Vice President of Investments. “These Class A buildings are also two of the finest in all of South Florida with everything a modern retailer needs to distribute products efficiently and will be an anchor for our growing South Florida portfolio,” Charlton concluded.

CenterPoint’s newly-acquired assets offer scale and are ideal e-commerce facilities, boasting 34’ clear-heights, above-market door counts and ESFR sprinkler systems. Perhaps more important, the buildings only cover about 30% of their 49 and 24-acre lots and combine to offer parking for nearly 600 trailers. Miami’s bustling e-commerce activity has industrial users in the Miami area starved for parking and outdoor storage.

This is CenterPoint’s third transaction in less than a year with the seller, Flagler Global Logistics. In June 2020, CenterPoint purchased 3880 W. 104th Street and 3980 W. 104th Street in Hialeah, FL, and in March 2020, it bought a 17.14-acre land site in 3200 NW 67th Avenue in Miami, FL. This acquisition grows CenterPoint’s South Florida portfolio to 4.4 million SF. It also affirms its status as one of the region’s most active industrial investors, having spent more than $600 million in South Florida in just the last three years.

“It was a pleasure to work with a first-class developer in Flagler throughout this transaction. I would also like to thank Melissa Roman of our Development Services Team for her contributions to the successful investment,” said Ronel Borner, Senior Vice President of Development at CenterPoint.