CenterPoint buys Medley industrial building for $9M

Crane rental and rigging provider fully leases property

CenterPoint Properties CEO and president Bob Chapman with the Medley property (CenterPoint, LoopNet)
CenterPoint Properties CEO and president Bob Chapman with the Medley property (CenterPoint, LoopNet)

Industrial real estate giant CenterPoint Properties scooped up a Medley warehouse for $8.6 million, marking continued market demand.

CenterPoint bought the building at 10500 Northwest South River Drive from Epling Leasing, according to Jose Sasson, one of the deal brokers on the deal. Epling Leasing is led by Dawn Peterson of Marietta, Georgia, and Gina Grossman of Boca Raton, state corporate records show.

Sims Crane & Equipment, a crane rental and rigging provider, fully leases the property, according to Sasson.

At 17,000 square feet, the building is relatively small, showing that the unquenchable investor appetite for industrial space has led to a scarcity of big properties for sale, and investor willingness to turn to smaller buildings.

“It is very difficult to source … the $20 million-plus deals,” said Jose Sasson, who worked with Roberto Susi, both of Axiom Capital Advisors. “There is a lot of demand and not enough supply.”

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The Medley building covers about 10 percent of the 3.7-acre property, according to a CenterPoint news release.

“A lot of these companies love that because you can eventually do truck parking and outdoor storage, and that has become a very hot market,” Sasson said.

The property is seven miles from Miami International Airport and 15 miles from PortMiami.

Oak Brook, Illinois-based CenterPoint has been accumulating South Florida industrial real estate this year.

The company, led by Bob Chapman, bought a Pompano Beach last-mile distribution facility for $10 million in October, and a Doral warehouse for $16.7 million in September.

In its bigger investments, CenterPoint picked up two warehouses and land in Hialeah for $184.4 million in January.