The Real Deal Miami

CenterPoint picks up massive distribution center in Opa-locka for $59M

CenterPoint paid about $61psf for the 961,345 sf facility leased to C&S Wholesale Grocers
By Amanda Rabines | August 23, 2017 12:30PM

3300 Northwest 123rd Street Inset: Robert Chapman, CEO of CenterPoint

CenterPoint Properties just added a colossal 59-acre distributing center in Opa-locka to its portfolio.

Property records show CenterPoint paid $59 million, or about $61 per square foot, for the 961,345-square-foot industrial facility at 3300 Northwest 123rd Street. The seller is Minneapolis-based FU/WD Opa Locka LLC. Records show the company bought the property in 1999 for $35.7 million.

Erik Lundberg and Jeff Hughes of the national brokerage firm Stan Johnson Co. represented the seller. Features include a 216,000-square-foot cooler and freezer, dock-high doors, 268 trailer parking positions and a secured truck court.

The warehouse, built in 1993, is leased to a single tenant, C&S Wholesale Grocers, a distribution center employee confirmed. CenterPoint could not immediately be reached for comment.

CenterPoint is known for buying industrial properties, so investing in Opa-locka comes to no surprise as other industrial giants like Proligis also invest in the area. This year, Prologis bought two distribution centers in Opa-locka: a $25.75 million, 343,553-square-foot warehouse in March and a $16 million, 117,052-square-foot warehouse in July.

In February, CenterPoint paid $108M for FedEx distribution center in Medley. Industrial markets throughout Florida are experiencing a return to pre-recession occupancy levels and rental rates, according to a newly released Cushman & Wakefield report. In Miami-Dade 2.4 million square feet of industrial space is under construction, according to the report.