The Real Deal Miami

CenterPoint Properties pays $95M for SuperValu distribution site

The property is one of the largest industrial sites in South Florida
By Keith Larsen | October 22, 2018 03:30PM

Bob Chapman and SuperValu

UPDATED, Oct. 23. 9:25 a.m.: CenterPoint Properties just paid $95 million for one of the largest industrial properties in South Florida, sources said.

Fortress Investment Group sold the 778,816-square-foot distribution center at 1141 Southwest 12th Avenue in Pompano Beach to the Oak Brook, Illinois-based company for $122 per square foot. The 51-acre property is leased for 20 years to SuperValu, one of the biggest food wholesalers in the United States.

Chris Riley, Guy Ponticiello, Christian Lee, Jose Lobon and Bruce Westwood-Booth of CBRE represented the seller.

The deal comes just a few months after Fortress paid $66.4 million for the distribution center in Pompano Beach as part of a $483 million national portfolio deal.

The property features 120,000 square feet of cooler and freezer space, 60 dock high doors, 179 trailer parking positions and extra land for development in the future, according to a press release.

The facility previously sold for $51 million in 2006. It sits just west of North Andrews Avenue and north West Mcnab Road. It was built in 1973.

In April, Supervalu announced it would be selling eight of its facilities, including the one in Pompano Beach. Supervalu has 30,000 employees and operates a network of 2,012 stores, according to the company’s website. On Monday, United Natural Foods completed its previously planned purchase of SuperValu, in a $2.9 billion deal.

CenterPoint has invested more than $300 million in the South Florida industrial market within the last two years. The company’s total portfolio includes 58.9 million square feet and 2,386 acres under development, according to its website.