CenterPoint picks up Miami Gardens truck storage facility for $47.5M

CenterPoint Properties is continuing its buying binge of South Florida industrial real estate, scooping up a Miami Gardens outdoor truck storage facility for $47.5 million.

CenterPoint bought the property at 17707 Northwest Miami Court from Relentless Capital and Drake Real Estate Partners, according to broker Jonathan Salk of ZYX Capital, who represented both sides of the deal.

The 12-acre outdoor storage facility is fully leased to Miami Truck Parking.

The property last traded for $12.5 million in 2019, records show.

The deal underscores the increasing popularity of outdoor storage real estate. The growth of e-commerce and construction activity has created a need for storage space for truck and heavy equipment storage, Salk said.

It has “become an asset class that people are hot and heavy over,” he said. “Before you could just buy land and you develop it. Now, you buy land and you can lease it to crane and machine operators, to people who need storage.”

CenterPoint plans to hold the property, although it could develop in the future, according to Salk.

Relentless Capital, founded in 2017 and led by Evan Seiden, is a commercial real estate investor focused on the Southeast, according to its website. New York City-based Drake Real Estate, led by co-founders David Cotterman and Nicolas Ibanez, is a commercial real estate investor and manager, with a portfolio spanning 63 investments and $1.8 billion in value, according to its website.

Oak Brook, Illinois-based CenterPoint, led by President and CEO Bob Chapman, is a logistics real estate developer and manager, according to its website. http://therealdeal.com/miami/tag/centerpoint/

It has been investing heavily in South Florida industrial real estate. In November, the company paid $8.6 million for a Medley warehouse at 10500 Northwest South River Drive.

In September, CenterPoint bought a Doral warehouse at 8788 Northwest 27th Street for $16.7 million.