CenterPoint scoops up Doral warehouse for $17M

Oak Brook, Illinois-based firm paid $257 psf for industrial property near Miami International Airport

Tenant-occupied Doral warehouse trades for $17M (CenterPoint, Google Maps)
Tenant-occupied Doral warehouse trades for $17M (CenterPoint, Google Maps)

CenterPoint Properties picked up a tenant-occupied warehouse in Doral for $16.65 million.

The Oak Brook, Illinois-based industrial real estate company, led by CEO Bob Chapman, bought the 65,000-square-foot distribution facility at 8788 Northwest 27th Street. The seller is Keys Holdings and Investments, managed by Carlos Fragoso Senra in Key Biscayne.

The deal breaks down to $257 a square foot. According to a recent Avision Young report, investors paid an average of $145 per square foot for Miami-Dade industrial properties during the second quarter.

Keys Holdings bought the site in 1999 for $1.8 million and the building was completed in 2000, according to records.

Jose Juncadella and Sebastian Juncadella with Fairchild Partners brokered the deal, which marks CenterPoint’s second investment in Airport West, according to a press release. Last year, CenterPoint bought a 17.4-acre industrial property at 3200 Northwest 67th Avenue that houses an Amazon distribution center. The company paid $29.5 million for the site.

Sebastian Juncadella said tile company Daltile is the sole tenant leasing CenterPoint’s most recent acquisition. The building has a 26-foot height clearance, 16 loading bays, a showroom and a parking lot. The site is located two miles from Miami International Airport, Juncadella said.

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“We just did a one-month process of putting it out there,” Juncadella said. “I think we got 15 offers.”

The seller chose CenterPoint because of its experience with South Florida industrial purchases, Juncadella said. “We have dealt with the individuals that run their acquisitions in the past,” he said. “They have the experience to close quickly and make it a smooth process.”

Openly marketed, competitively bid projects in the Airport West submarket such as this property usually average more than a dozen offers, Juncadella added.

“There is so much appetite for leased industrial properties,” he said. “$257 a foot is up there, but it is a function of growing rental rates and stable tenants. Here, it is a very strong tenant in a building that is built to their needs.”

Earlier this year, CenterPoint bought two warehouses and land at and near 4040 West 108th Street in Hialeah. The firm paid $184.4 million to the seller, a consortium that included an affiliate of Florida East Coast Industries, or FECI, the Coral Gables-based parent of passenger train service Brightline.

CenterPoint has also gone on a buying spree in California and New York. Recently, in a leaseback deal, the company paid $63 million for an industrial complex in Pico Rivera in Los Angeles County. The seller is Moishe Mana, one of Miami’s largest private property owners.

In August, CenterPoint acquired a 81,000-square-foot warehouse in the Bronx, paying about $117 million, according to sources.