CenterPoint buys an industrial property near MIA for $30M

The property is part of the 200-acre South Florida Logistics Center

Miami /
Mar.March 24, 2020 01:30 PM
CenterPoint Properties CEO Bob Chapman and South Florida Logistics Center

CenterPoint Properties CEO Bob Chapman and South Florida Logistics Center

UPDATED, March 26, 2:55 p.m.: CenterPoint Properties Trust bought an industrial property near Miami International Airport for $29.5 million.

Oak Brook, Illinois-based CenterPoint Properties purchased the 17.4-acre property at 3200 Northwest 67th Avenue for $1,695,402 per acre, records show. FDG Hialeah, tied to Florida East Coast Industries, sold the warehouse site.

The property is part of South Florida Logistics Center, a 200-acre logistics complex adjacent to Miami International Airport. It was developed by Florida East Coast Industries, the parent company to the high-speed Brightline train.

CenterPoint Properties has 326 properties or 61 million square feet of space, and focuses on logistics parks, according to its website.

In November 2018, FECI sold one part of South Florida Logistics Center to a subsidiary of JPMorgan Asset Management for $31 million.

Industrial remains one of South Florida’s hottest asset classes.

In 2019, industrial completions in Miami-Dade County reached an all-time high, according to a recent report by Avision Young. Over 5.6 million square feet of industrial product was added to the market, increasing local inventory by nearly 3 percent.

Correction: A previous version of this story incorrectly stated the square footage of the property and the price per square foot.


Related Articles

arrow_forward_ios
Realterm Logistics CEO Robert Fordi and the vacant lot at the intersection of northwest 104th Street and northwest 95th Avenue (Realterm, Ferreira Construction)
Medley industrial site trades for 4x its 2017 price
Medley industrial site trades for 4x its 2017 price
A photo illustration of Megacenter Palmetto at 8600 Northwest South River Drive in Medley (top left), 401 North Military Trail in West Palm Beach (top right), and Pelican Bays office/warehouse complex at 4990 Southwest 52nd Street in Davie (bottom) (Getty Images, LoopNet, Extra Space Storage)
Industrial rents keep climbing, as vacancies drop in South Florida
Industrial rents keep climbing, as vacancies drop in South Florida
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Extra Space Storage's Joseph Margolis with 401 N Military Trl and 2300 N Military Trl (Loopnet, Extra Space Storage)
Double scoop: Extra Space Storage drops $29M for two West Palm Beach complexes
Double scoop: Extra Space Storage drops $29M for two West Palm Beach complexes
MSP Capital co-founders and managing partners Murray McCabe and Max Lamont and the Pelican Bays office/warehouse complex at 4990 Southwest 52nd Street in Davie (Google Maps, MSP Capital Partners)
MSP Capital pays $50M for Davie office/warehouse complex
MSP Capital pays $50M for Davie office/warehouse complex
Terreno Realty's W. Blake Baird with 8050 Northwest 90th Street (LinkedIn, Google Maps)
Lender sells foreclosed aviation maintenance site in Medley for $20M
Lender sells foreclosed aviation maintenance site in Medley for $20M
Miami City Self Storage's Steve Garchik, Jay Massirman and Megacenter Palmetto at 8600 Northwest South River Drive in Medley (Miami City Self Storage, Google Maps, SJM Partners)
Miami self-storage firm buys Medley industrial site for $38M
Miami self-storage firm buys Medley industrial site for $38M
IMC Equity's Yorham Izhak with Festival Flea Market
Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...