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CenterPoint buys Pompano Beach last-mile distribution facility for $10M
Facility has direct rail service
CenterPoint Properties bought a Pompano Beach last-mile distribution facility for $10 million, marking the firm’s continued investment in South Florida’s hot industrial real estate market.
The Oak Brook, Illinois-based company bought the property at 1405 Southwest Eighth Street, records show. The selling entity is managed by Patrick Venne and Jonathan Cox, both executives with The Federated Companies, which has offices in Miami and Boston.
The 40,428-square-foot facility on 4.5 acres has direct rail service, according to a CenterPoint news release. The distribution warehouse covers roughly 20 percent of the property, allowing for ample outside storage.
Building materials provider Olympia Building Supplies, which is part of Gypsum Management & Supply, currently has a supply yard on the property, according to Olympias’ website.
The purchase brings CenterPoint’s South Florida portfolio to 4.5 million square feet across 17 properties, according to the release.
CenterPoint, led by Bob Chapman, bought a Doral distribution facility in September for $16.65 million.
In January, it picked up two warehouses and land in a Hialeah business park for $184.4 million.
CenterPoint’s hefty play on the region’s industrial market comes as the sector has outperformed all other real estate and even prospered during the pandemic. As consumers shifted their preference to e-commerce, it led to increased demand for industrial facilities.
The Broward County industrial market saw vacancies drop to 5.9 percent in the third quarter from 7.1 percent in the previous quarter, according to a Colliers report. The average asking rent for warehouses rose to $9.68 a square foot in the third quarter, from $9.50 in the previous quarter.